Theresa May to leave Downing Street on June 7 amid Brexit crisis
The UK Prime Minister has announced she will step down from her post after facing pressure from members of her own party, bringing her three-year stewardship of the country to a close.
Theresa May has finally succumb to unrelenting pressure from MPs within her own Conservative party to step down as prime minister, naming June 7 her official departure date.
The move sees May bring an end to her three-year tenure at Downing Street, though she was unable to deliver Brexit during her stint as prime minister, leaving the job to her successor with the Tory leadership race officially underway.
May bids an emotional farewell
In what was an emotional speech outside 10 Downing Street, May said that she had ‘done everything’ in her power to reach a compromise with MPs from within her own party and those across the aisle to secure an orderly exit from the EU.
‘It is and will always remain a matter of deep regret to me that I have not been able to deliver Brexit,’ she added.
But despite failing to deliver Brexit, May said that her time as Britain’s second female prime minister was an honour and she said she would leave ‘with no ill will, but with enormous and enduring gratitude to have had the opportunity to serve the country I love’.
Boris Johnson bookmakers’ favourite to succeed May
Now that May has announced her departure date from 10 Downing Street, bookmakers' have already placed their bets on Boris Johnson filling her shoes.
Johnson was a prominent figure for the leave campaign in the build up to the Brexit referendum back in June 2016.
In a recent report, US-based investment bank JP Morgan raised its probability of the UK leaving the EU without a deal from 15% to 25% this week.
The bank also believes Johnson will be appointed prime minister, closely followed by a general election and a further delay to Brexit beyond the October 31 deadline.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Trading around Brexit
Find out how the UK’s exit from the EU continues to affect traders, and discover:
- How you can profit from Brexit
- The markets you should be watching
- Brexit trading strategies for key assets
Live prices on most popular markets
You might be interested in…
Find out what charges your trades could incur with our transparent fee structure.
Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.
Stay on top of upcoming market-moving events with our customisable economic calendar.