Credit: Shutterstock photoThe decision by U.K. voters to exit the EU on June 23 set into motion major political changes within the government. PM Cameron of the Conservative Party had strongly lobbied for a “Stay” vote and lost. In a Parliamentary democracy, when a leader of a government loses a major vote such as Brexit, it is usually cause for stepping down as Prime Minister, which he did.
So where we stand now is the selection of a new leader of the Conservative Party. This process is involved. First a list of candidates must be approved to run and then the Members of Parliament vote on successive Tuesday and Thursdays on the candidates. After each ballot, the candidate which receives the least number of votes is eliminated until two candidates remain. Those two candidates are then presented to the party as a whole to select the winner. This process got underway on July 5, with Liam Fox being eliminated from the list.
The initial top four candidates are:
Stephen Crabb
Michael Gove
Andrea Leadsom
Theresa May
Click for who will be eliminated next
In July-August the vote is thrown open to Conservative party members nationwide. Then on Friday 9 September, the new leader will be announced.
John M. Bland
Global Traders Association
www.tradersadvocate.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
