UK Conservative Party starts choosing leader as pound sinks

It could negotiate enhanced political cooperation in foreign policy and security, and might even get a voice, though not a vote, in some European Union deliberations.

May has said she does not plan to invoke Article 50, the formal procedure for leaving the EU, until the end of the year at the earliest despite pressure from European leaders for a quicker divorce. “Brexit means Brexit”, she said. There are lots of reasons, but one of the biggest is that it’s really hard for any British leader to do anything about it without causing a political or economic crisis.

Tokyo was 0.9 percent lower by the break, while Hong Kong also fell 0.9 percent and Seoul dipped 0.3 percent but Shanghai rose 0.5 percent.

Other EU states believe that lack of transparency about ownership can turn trusts into vehicles for evading taxes.

May, who backed remaining in the European Union during the hard-fought campaign, said she was pleased by the result in the leadership vote and very grateful to her colleagues.

“I hope the minister will go back and tell the home secretary that my own kids would quite like their mum to stay here forever if that is OK with her”.

If more than two candidates remain, another ballot will take place on Thursday before a final vote among around 150,000 party members to choose a new leader. Her strong showing does not guarantee she will eventually reside at 10 Downing Street, however, as lawmakers will narrow the field to two candidates and then put the matter to a vote before the entire party membership.

Home Secretary Theresa May has scored extremely well in the first round of voting for the next leader of the Conservative Party, who will become prime minister.

U.K. Home Secretary took a commanding lead in the first round of voting to elect the next leader of the governing Conservative Party on Wednesday. Three major political figures – Cameron, Johnson and U.K. Independence Party leader Nigel Farage – have stepped aside rather than weather the political uncertainty of leadership and negotiation with the remaining 27 nations in the trading bloc. Jean-Claude Juncker, President of the European Commission lamented, “The British vote has cut off one of our wings, as it were, but we’re still flying”.

They don’t want to reward Britain’s vote with favorable exit terms, for fear that voters in other countries (like Greece, France, or the Netherlands) will take this as a sign that they could get a similar deal.

Cameron’s successor can still nominate another commissioner, but cannot expect a major job; European Union officials, stung by Britain’s shock vote, sneer that London may get “commissioner for ballet”.

The Brexit vote has sparked a fierce debate in Brussels on whether the EU should close ranks and press for more union or opt for a looser grouping. The referendum was not a legal necessity, but arose from an election promise by Prime Minister David Cameron because his party was split on this issue.

Addressing the European Parliament, Mr Tusk said “the EU is ready to proceed with an amicable divorce with the United Kingdom even today” and acknowledged that it was for the United Kingdom to start the process of Brexit.

Mr Tusk also issued a renewed call for unity in the wake of Britain’s decision to unshackle itself from the beleaguered bloc.

Labour leader Corbyn is still clinging to his job, despite being roundly defeated in a non-binding no-confidence vote of Labour lawmakers angry at his lacklustre campaigning to stay in the EU.