Rishi Sunak looks set to become the next U.K. prime minister with results to be announced Monday afternoon.
, who came behind Sunak in the original contest to take charge of the Conservative Party in September.
If both Sunak and Mordaunt have more than 100 backers on Monday and no-one decides to pull out, members of the wider Conservative Party will vote for their new leader, who will then be announced Friday., while Mordaunt is thought to have around 23, with 357 lawmakers eligible to vote. It remains unclear how many Conservative lawmakers who backed Johnson will now move to support Sunak or Mordaunt.rose and 10-year gilt yields fell to their lowest level in a month in early trade Monday, briefly hitting 3.814%, down 21 basis points for the session.
The shifts were prompted by Truss' resignation and Johnson leaving the leadership race, according to Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown."Johnson had threatened to cause fresh political instability, given that it's less than two months since he left the job, so his retreat from the race brought a sigh of relief for sterling and an even bigger sigh of relief on the bond markets," Streeter wrote in an analysis note Monday.
"It's an indication that bond vigilantes have been pacified by the expectations of a calmer political horizon ahead with fiscal responsibility forecast to be the new mantra of the incoming Prime Minister," she said.Thursday after just 44 days in the role. Pressure had mounted for the short-lived leader to quit after her new finance policies flopped and caused market chaos.
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