Topline
Former British prime minister Boris Johnson may soon head the British government once again just four months after resigning in July following a series of scandals, and he is one of the three most likely candidates to replace Liz Truss, who resigned as prime minister Thursday.
Boris Johnson could soon be back in office.
Key Facts
The next leader of the Conservative Party will be chosen by the party’s Members of Parliament (MPs), and candidates will need to receive 100 nominations from MPs by Monday to advance, and the Conservative leader will most likely become prime minister.
Johnson has yet to formally throw his hat in the ring, but he joins former Finance Minister Rishi Sunak and Leader of the House of Commons and Lord President of the Council Penny Mordaunt as the most likely candidates.
Sunak, whose background makes him perhaps the best-suited to reverse the economic headache overseen by Truss, has the support of the most MPs to this point, with 56 MPs backing Sunak compared to 33 for Johnson and 17 for Mordaunt.
Betting markets similarly consider Sunak as the favorite, but Johnson isn’t far behind: Implied odds from gambling aggregator Oddschecker give Sunak a 52% chance of becoming prime minister, with Johnson at 40% and Mordaunt at 10%.
Key Background
Johnson’s most notable moment as prime minister was overseeing the U.K.’s formal exit from the European Union. Truss, who served as foreign secretary under Johnson, lasted just six weeks in office, being pushed to resign largely due to her widely criticized plans to stimulate the economy. Her predecessor Johnson similarly stepped down under humbling circumstances, with his three-year tenure rocked by several scandals, including the “Partygate” saga in which Johnson broke his own Covid-19 stay-at-home mandates by hosting parties with other Conservative officials at the prime minister’s residence, 10 Downing Street.
Tangent
Truss unveiled her so-called “mini-budget” plan last month to cut corporate taxes and cap energy prices, which would cost the government $50 billion. That sent global bond and stock markets spiraling as confidence in the U.K.’s ability to pay back debt dwindled. Both U.S. and U.K. 10-year bond yields climbed to their highest levels since the late 2000s during Truss’ tenure, while major London and New York stock indexes fell about 5%.
Further Reading
Could Boris Johnson really make a comeback? (BBC)
Race for British prime minister is on (again) after Liz Truss quits (Washington Post)
U.K. Prime Minister Liz Truss Resigns After 6 Turbulent Weeks In Office (Forbes)
‘A Fantastic Mess’: Here’s How Much U.S. And U.K. Stocks And Bonds Cratered During Liz Truss’ Tenure (Forbes)
