British Prime Minister Boris Johnson makes a statement at Downing Street in London, Britain, July 7, 2022.
Henry Nicholls | Reuters
LONDON — United Kingdom Prime Minister Boris Johnson resigned on Thursday, bringing to an abrupt end a nearly three-year premiership that was beset by controversy and scandal.
Speaking to Downing Street, Johnson said the process to choose a new Conservative Party leader should start now, with a timetable to be announced next week.
He said he intended to stay in office until a new Tory leader was elected.
His decision to stay in office comes despite a clear lack of support from his own party and mounting pressure across the political spectrum for him to step down immediately.
Johnson said he was “sad to be giving up the best job in the world” but acknowledged that “no one is remotely irreplaceable” in politics.
Referring to members of his own governing party who turned against him, Johnson said: “In Westminster the herd instinct is powerful and when the herd moves, it moves.”
Sterling traded 0.4% higher at $1.1979 shortly after Johnson’s announcement.
It comes as the wave of resignations from Johnson’s government and party since Tuesday night approaches 60, with one Conservative Party member after another publicly expressing their lack of confidence in the prime minister.
Finance Minister Nadhim Zahawi was the latest of Johnson’s allies to call on him to “go now”, saying the unprecedented political crisis over his future was unsustainable and “will only get worse”.
Notably, Zahawi’s call for Johnson to step down came just two days after the prime minister appointed him as finance minister.
The relentless stream of resignations was dramatically launched by Chancellor of the Exchequer Rishi Sunak and Secretary of State for Health Sajid Javid. The two senior ministers resigned within minutes of each on Tuesday night after a row over Johnson’s decision to appoint Chris Pincher as deputy chief whip earlier this year.
Pincher resigned and was suspended as a Conservative MP last week after allegations he drunkenly groped two men at a private members’ club. It has since emerged that Johnson cast him in the role despite being aware of previous allegations of misconduct against him.
Johnson apologized for appointing Pincher as deputy chief whip. Since then, he has repeatedly rejected calls to resign, claiming he has a “colossal mandate” to continue. By Thursday, however, Johnson bowed to political pressure over his future and announced he would step down.
Johnson’s downfall ends his reputation as a “Teflon” prime minister. The 58-year-old former London mayor has become known for his ability to steer clear of political controversy.
Last month, Johnson survived a confidence vote challenged by his own MPs amid growing discontent with his leadership. In the secret ballot of Tory lawmakers, some 211 MPs voted in Johnson’s favour, while 148 voted against him.
Who are the favorites to replace Johnson?
Johnson’s resignation means there will now be a leadership contest to determine who will become the next Conservative leader and prime minister.
Individual candidates will need to secure the support of Tory MPs, with the latter two facing each other in the Conservative Party members’ vote.
Former finance minister Rishi Sunak, foreign secretary Liz Truss, former health secretary Sajid Javid, former foreign secretary Jeremy Hunt, former promotion secretary Michael Gove, international trade secretary Penny Mordaunt and defense secretary Ben Wallace are among the favorites to who are believed to be running for leadership positions elections.
Polling company YouGov said a comparison of individual candidates showed Wallace was the clear favorite among Conservative Party members to become the next party leader.
— CNBC’s Holly Elliott contributed to this report.
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