Ex-London mayor backs Andrew Leadsom for PM

“Remain” supporters demonstrate in Parliament Square, London, to show their support for the European Union in the wake of the referendum decision for Britain to leave the EU, known as “Brexit”, Saturday July 2, 2016.

The candidates in the Conservative party leadership contest, left to right, Theresa May, Andrea Leadsom and Michael Gove, are seen in this combination of three photographs, released in London, Britain, on Wednesday.

The victor, to be chosen by September 9, will also form a team to guide Britain’s future relationship with the European Union after the vote to leave the bloc last month triggered calls in Brussels for the country to start departure talks.

The head of the British central bank made his third public appearance in 12 days on Tuesday to calm and assure the public after the seismic vote to leave the single market of some 500 million.

JOHN LEWIS: The depreciation of sterling versus the US dollar in the wake of Britain’s vote to leave the European Union could potentially become a major issue for John Lewis, the country’s largest department store group said late on Thursday.

She garnered just over half the votes cast, with 165 Conservative Party members of Parliament backing her.

One of two Brexit campaigners is expected to be eliminated in a second round of voting by Conservative Party MPs to elect Prime Minister David Cameron’s successor. “I think for many there is a real concern given that she was a “remainer” whether she will deliver”, said Anne Marie Morris, who is supporting Leadsom. Johnson himself decided not to run when his former ally, Michael Gove, withheld support for Johnson to try to become prime minister himself.

“Andrea Leadsom offers the zap, the drive, and the determination essential for the next leader of this country”, Johnson said in a statement on Monday.

The UK blue chip index closed up 1.1 percent on Thursday after closing more than 1 percent lower in the previous session, as Associated British Foods recording its biggest one-day gain in 16 years after its brighter outlook on earnings.

“The dominos are starting to fall in the United Kingdom commercial property market, as yet another fund locks its doors on the back of outflows precipitated by the Brexit vote”, Laith Khalaf, a senior analyst at Hargreaves Lansdown, said after the move by Aviva.

Bank of England Governor Mark Carney says some of the risks predicted to the economy before the referendum on leaving the European Union have begun to crystalize, but that the institution will act to support jobs and growth.

Top EU officials, wondering with whom they will eventually negotiate, had sharp comments Tuesday about the United Kingdom leaders who pushed so hard to get Britain out of the EU — and then stepped aside rather than take part in the delicate talks.

European Commission President Jean-Claude Juncker told EU lawmakers Tuesday that “the Brexit heroes of yesterday are the sad Brexit heroes of today”. “These efforts mean we can all look ahead, not over our shoulders”.

Financial groups Aviva Investors and Standard Life stopped trading Tuesday in commercial property funds following a rapid increase in investors trying to liquidate their holdings.

That is due to expectations that the economy will weaken and that the Bank of England will cut its benchmark rate further toward zero this summer. Both said they stopped trading to protect other investors who wished to remain in their respective funds. “It’s probably only a matter of time before we see other funds follow suit”.

BRITISH LAND: Property company British Land said it had exchanged contracts to sell a Debenhams store located in London’s West End shopping district to a private investor, a sign that deals were still being struck in a sector gripped with concerns around the impact of Brexit.

There were major drops in property companies’ shares.

Guy Verhofstadt, the Liberal bloc leader in the EU Parliament, likened the United Kingdom resignations to “rats fleeing a sinking ship”. Barratt Developments was down 6.2 percent, Taylor Wimpey 6.5 percent and Persimmon 5.4 percent.