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Brexit Sparks UK Party Politics Uncertainty

British Pound - Brexit - European Union - Euro

After reports emerged that the UK electorate had voted to leave the European Union (the referendum took place on the 23/06/2016), David Cameron announced his resignation. Cameron is the Prime Minster of the UK & the leader of the Conservative Party. He will resign before the end of 2016, aiming for a new PM to be in place by October. Prominent leave campaigner & Mayor of London, Boris Johnson, was tipped as a favorite for his position, but he recently declared that he won’t be running for the top spot.

British Pound - Brexit - European Union - Euro

In Cameron’s speech, shortly after the results were announced, he said “We must now prepare for a negotiation with the European Union.” Currently, Andrea Leadsom & Theresa May are competing to become leader of the Conservative Party, & thus, PM of Great Britain.

Nigel Farage “Bows Out” After Brexit

The UKIP (UK Independence Party) was formed in 1993, primarily to end the UK’s membership of the EU. The leader of the UKIP, Nigel Farage (who is an ex-commodity trader), resigned just a few days after the vote, & it is unclear who will take his place (permanently.)

 Brexit Puts Labor’s Jeremy Corbyn Under Further Pressure

Jeremy Corbyn replaced Ed Miliband as the leader of the left-wing Labor party less than a year ago, & he is under fierce pressure from his own party & cabinet to resign. Corbyn has been defying party-wide calls for him to go. In fact, even the current PM called on him to resign & make way for a new leader. The Labor party is was already divided, & the UK’s decision to leave the EU (Brexit) has worsened the situation greatly. In a recent speech on the, Jeremy Corbyn said that he is under “no pressure whatsoever.”

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