Runners And Riders: Who Could Replace Liz Truss As U.K. Leader?

Truss said during her resignation speech on Thursday that the party aims to choose her successor within a week

Rishi Sunak and Penny Mordaunt Photographer: Hollie Adams/Bloomberg

(Bloomberg) --With Liz Truss stepping down after a term in office that was shorter than her leadership campaign, the UK is once again in the market for a new prime minister.

Truss said during her resignation speech on Thursday that the party aims to choose her successor within a week and that she will stay on as prime minister until then. Chancellor of the Exchequer Jeremy Hunt became the first cabinet member to rule himself out of the contest. 

Truss’s successor will be party’s fifth premier in less than seven years and will have the unenviable task of trying to rebuild a political party that is currently languishing more than 30 points behind the opposition Labour Party in the polls. 

WATCH: Speculation is building about Liz Truss’s successor. Lizzy Burden reports.Source: Bloomberg
WATCH: Speculation is building about Liz Truss’s successor. Lizzy Burden reports.Source: Bloomberg

The list of possible replacements includes those who ran against her for the job over the summer, current cabinet ministers and even her ousted predecessor. Yet, since UK politics is in the habit of throwing up curve-balls, a wild-card MP could also rise through the ranks to get into Downing Street. 

Read More: Truss Resigns as UK Prime Minister After Tax-Cut Plan Backfires

Front-Runners

Rishi Sunak: The runner-up to Truss in the summer leadership contest, Sunak burnished his credentials on the economy by correctly predicting the market chaos that Truss’s plans would trigger. But he’s still stained in the eyes of many for his role in former Prime Minister Boris Johnson’s downfall and questions linger over his massive personal wealth when Britain is in the grips of double-digit inflation.

Penny Mordaunt: Cut from the ballot in the final round of voting among MPs over the summer, the current Leader of the House of Commons is popular with Tory grassroots members. She’s previously served in the Cabinet at the departments of trade and defense. A deft performance in the House of Commons on Tuesday reminded many Tories of her appeal. She still has to convince the party that she is credible on the economy. 

Boris Johnson: A return for the former leader? You’d have to go back to the 1970s and Labour’s Harold Wilson to find the last prime minister to return to Number 10, but Johnson has always defied the laws of political gravity. Johnson, who resigned mere months ago, still enjoys support from some MPs and party members who think he shouldn’t have been ousted. An inquiry into his conduct in office due to begin soon may put some off, however. 

Outsiders

Ben Wallace: The defense secretary is seen as a safe pair of hands who can appeal to the rump of the party that believes in high levels of spending on the military. However, he has frequently ruled himself out of the running and said he wants to keep his current job.  

Suella Braverman: Fired on Wednesday due to ministerial misconduct, Braverman may not be ready to give up on dreams of leading the country and would appeal to the right of the party. She was dismissed for sending documents from her personal email rather than her ministerial one, a charge she downplays. More likely to stand so she secures a senior position.

Kemi Badenoch: Another hopeful for the top job over the summer, and current trade secretary, Badenoch could throw her hat in the ring again. She’s popular with party grassroots and if the race reaches the membership she may stand a chance. 

Grant Shapps: One day into his role as Home Secretary after he was brought in to replace Braverman on Wednesday, Shapps did not hide his contempt for Truss. Originally a Sunak-supporter, allies highlight his strong communications skills 

More stories like this are available on bloomberg.com

©2022 Bloomberg L.P.

Watch LIVE TV , Get Stock Market Updates, Top Business , IPO and Latest News on NDTV Profit.
GET REGULAR UPDATES