Boris Johnson, the former London Mayor, pulled out of the race to become the Prime Minister of Britain, even though he had been favored to win. Less than a week after he organized a campaign to break the country away from the European Union, he decided to pull out and upended the contest. Johnson made the announcement on Thursday and was received with audible gasps by a roomful of journalists. It came as the biggest political surprise made after Prime Minister David Cameron announced his resignation after he lost last week’s referendum on the membership of the country in the EU.
Theresa May, the interior minister and a party stalwart who had campaigned to remain in the European Union, has now become the new favorite to succeed Cameron. Seen as a steady hand, May had announced her candidacy earlier on Thursday. She also promised to provide voters with the withdrawal they had demanded from the EU, even though she had campaigned from the other side. Speaking to a news conference, she said that Brexit is Brexit. They fought a campaign, everyone voted and the people gave their verdict, which meant that there shouldn’t be any attempts to find a back door or go back or hold a second referendum.
The decision to leave the EU has turned out to be very costly for Britain as it lost its top credit rating, wiped a record $3 trillion from global stock and led to a fall in the price of the pound against the dollar at its lowest since the mid-1980s. Now, EU leaders are trying to prevent the bloc from unraveling any further as it has helped guarantee peace in Europe after the war. It was indicated by the International Monetary Fund that he uncertainty caused by Brexit could have an impact on economic growth in Britain as well as Europe and the wider world.
Mark Carney, the governor of the Bank of England, said that the monetary policy was likely to ease over the summer. Johnson had backed the Leave cause and this, which had seemed crucial to his victory. However, his campaign crumpled suddenly, when his ally for the Brexit campaign, Justice Secretary Michael Gove had withdrawn his support and had decided to launch a bid of his own. He made his speech at a London luxury hotel and said that viewing the circumstances and consulting his colleagues, he had decided that he couldn’t be that person.
Supporters had come together because they thought he was delivering the first speech of his campaign and they were stunned to hear about his withdrawal. Nonetheless, by the time he backed out, his campaign had already been undermined by his close friend Gove, who had said he would back him. Gove wrote an article and said that he didn’t believe Boris could provide the leadership or build the team that was needed for the future. The opposition Labour Party is also going to face a leadership battle as the lawmakers voted to withdraw their confidence in Jeremy Corbyn, the left-wing party leader.