Government in crisis: plans to be announced on a timetable for new party leadership

Following a day of announcements from the Prime Minister and his colleagues regarding his resignation from Conservative party leadership, the PM has explained that a timetable for a new leadership will be announced next week.

Key officials are still urging the Prime minister to step down as PM. The recently appointed Chancellor of the Exchequer, Nadhim Zahawi took to twitter saying: “This is not sustainable and it will only get worse: for you, for the Conservative Party and most importantly of all the country. You must do the right thing and go now.”

A new cabinet has been assembled to account for the mass exodus of cabinet officials earlier in the week. With this push towards a new cabinet, there is the potential for the government to take a new direction on key fiscal and international matters.

In spite of the governmental crisis, the economy has seen positive growth, with sterling jumping as high as 0.8 percent against the dollar as well positive growth for the FTSE 100 since the announcement. With much still uncertain, it is unclear if these trends will maintain.