View more on these topics

Theresa May resigns as PM over Brexit chaos

Theresa May says she will step down as prime minister on Friday 7 June as pressure from the Conservative party  for her to step aside finally felled her embattled premiership.

She made the announcement after a meeting with MP Graham Brady who is chairman of the powerful 1922 Committee.

This dramatic announcement caps a weeks of high political drama where May saw her already limited authority erode each day of the week that passed.

On Tuesday May made a last ditch attempt to get her much criticised Brexit deal through parliament by offering a new 10-point deal to win the backing of MPs.

But a Cabinet meeting on the same day demonstrated considerable opposition from some ministers to her plan.

It is also failed to win over the support of enough other Tory backbenchers or lawmakers from other parties.

On Wednesday MP Andrea Leadsom resigned as leader of the House of Commons the day before the Tories headed into Thursday’s European election.

This was an election the UK was never meant to have had and where Nigel Farage’s recently created Brexit Party was beating all rivals in the opinion polls.

This series of events culminated in May’s resignation this morning that will now lead to a leadership contest in the near future.

Reacting to the news, Hermes Investment Management senior economist Silvia Dall’Angelo says: “Theresa May’s premiership has reached the end of the road, following almost three years of trying to recompose a deeply divided country.

“Over this bumpy time she came to acknowledge the harsh realities of Brexit, its contradictions and the trade-offs it implies. Eventually the only consensus she attained was against the deal she had agreed with the EU, a compromise that failed to satisfy Brexiteers and Remainers alike.

“Looking ahead, a new leader is unlikely to bring the country closer to a solution for the Brexit dilemma. For a start, the parliamentary arithmetic would not change: while there is a majority against a no-deal Brexit, there is no agreement on the way forward. “

Recommended

1

The Wells Street Journal: Note vote and Brexit jokes

A weekly account of the curious goings-on in the world of financial services The £50 note vote The Bank of England has invited the public to vote on which popular figure should appear on its new £50 note. There are six weeks to nominate a historical character “who has contributed to science and influenced UK […]

Why your clients need some tough love

In any relationship that matters, professional or personal, you should be upfront with someone if you think they’re making a decision or doing something they might later regret. Being honest with someone and having their best interests at heart, however hard the message, is key to building trust in any relationship. So how does this […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. Let’s pray we don’t get Boris instead?

  2. Julian Stevens 24th May 2019 at 12:43 pm

    I feel sorry for her. She was handed a chalice poisoned by Cameron (who should never have made the referendum a vote of confidence or not in him and certainly shouldn’t have stepped down when the result wasn’t what he wanted).

    Frankly, I don’t think anyone else could have done any better and I doubt that her successor will either. Parliament and indeed the Conservative party itself are simply too divided.

    Which will be worse? Non deal or BRINO, because I really don’t think there’s any realistic prospect of anything else?

    • No one twisted her arm. She wanted the job. Another Tory with poor judgement – particularly as she voted Remain.

      How will history judge her? Not at all well I think.

      No deal will not be an option and BRINO is illogical – we may as well stay in.

  3. Her mistake was rushing into triggering Article 50 without having a plan or concept of what that actually meant

  4. For everyone that is fed up with brexit there is only one thing that will stop this dragging on for years; remaining in the EU.

    If we leave there is nobody with enough talent in parliament to make it work to the UK’s advantage. Labour are untried (but a softer brexit would be better than no deal, although, as Harry Katz says, it IS pointless) and the current government are incapable of getting anything right, as below:

    1. They offered a referendum on the basis that a victory for leave, by even one vote, meant total upheaval for the nation; and some politicians in the leave campaign illegally overfunding it
    2. Electing May as the new leader
    3. May setting ridiculously hard ‘red’ lines for leaving the EU, but which were loved by the ERG and the Tory media
    4. Going for an election in 2017.
    5. Putting together a completely useless manifesto for that election and losing their narrow majority because of it
    6. Refusing to engage with other parties, much earlier
    7. Making brexit sound like a war with Europe
    8. Coming up with a stupid ‘deal’that everyone hated
    9. Trying to blackmail parliament into voting for the ‘deal'(putting off each vote on it to run down time)
    10. Hard liners moving the goalposts from leave with a good deal (as touted before the referendum) to leave with no deal and making unsubstantiated, and more than, dubious, claims about the WTO scenario (straight out of fantasy Island and the land of wishful thinking)
    11. May making her’deal’ even more unpalatable in her final week and fracturing their party even further

    Could you honestly trust these people, who are also running down our services like the NHS, schools and police while forcing more people, including children, into homelessness and poverty and still not rehousing many Grenfell victims, trying to deport innocents that have lived and worked here for decades?
    These people, many of whom are disgracefully and unashamedly having their publicity photos taken outside foodbanks, which they are responsible for us needing.
    These people that have the nerve to trumpet the success of the UK economy whilst making it a terrible place for the unfortunate to live by underfunding just about everything.
    These people didn’t even have the foresight to recognise the Irish Border problem (or didn’t want to mention it because they don’t care about the peace process and Ireland).

    Even if you voted for Brexit, putting it in the hands of such people will be a disaster.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com