Former Finance Minister Rishi Sunak or current Foreign Minister Liz Truss will be announced as Britain’s new Prime Minister later on Monday.
Dan Kitwood/Staff/Stringer/Getty Images
LONDON — Britain’s next prime minister will be announced on Monday following a tough and sometimes bitter leadership contest within the ruling Conservative Party.
The announcement is scheduled for 12:30 pm London time and will be delivered by Graham Brady, Chairman of the 1922 Commission.
The leadership election was triggered when current Prime Minister Boris Johnson announced he would be stepping down on July 7. That came after a number of ministers resigned, expressing a lack of trust in the party leader.
Mr Johnson remained on as interim prime minister while the party decided on a candidate.
He has not officially resigned yet. He must first attend an audience with Queen Elizabeth II and officially inform her of her resignation.
Snack or truss?
The next prime minister will be either current Foreign Minister Liz Truss or former Finance Minister Rishi Sunak, both of whom have advanced to the final round of eight party leadership candidates.
Mr Truss is a solid frontrunner in the Conservative MP race.
Truss and Sunak have gone head-to-head in 12 campaign events over the past eight weeks to try and win membership.
They offered their views on the Bank of England’s mandate, tax cuts, a controversial plan to deport migrants to Rwanda and the worsening UK cost of living crisis.
The results were picked exclusively by members of the Conservative Party — that’s about 180,000 at the latest count of the 65 million people living in the UK paying to become members.
Voting was conducted as a mail-in ballot, which closed on September 2nd.
Once the most popular candidates are announced, the formal process to appoint a prime minister begins.
This included a trip to Balmoral Castle in Scotland for an official “hand kiss” meeting with the Queen, where the monarch would seek the formation of a new government.
It’s a departure from tradition, as her 15th prime minister will be the first to not be formally appointed at Buckingham Palace, the Queen’s London home.
As Buckingham Palace announced on May 9, the 96-year-old has reportedly begun to experience “incidental mobility problems”, which could be attributed to the new prime minister’s decision to travel 500 miles to London. Maybe that’s why I chose to go to her instead.
A “gift budget” from the new prime minister?
With UK energy prices up 80% in October and investors warning inflation could hit 22% next year, the cost of living crisis is top priority for those moving to 10 Downing Street may become a matter.
Alan Castis, head of UK equities at Lazard Asset Management, predicted on CNBC’s “Squawk Box Europe” last week that the next prime minister will provide support for energy costs.
“I would like to create a honeymoon period as prime minister,” said Castis, adding that “a general election is possible.”
“No matter which candidate wins, they can have giveaway budgets as soon as they win,” he said.