Boris Johnson To Become UK Prime Minister After Landslide Party Win

The results of ballot of around 160,000 Conservative party members, of which 87.4% voted, were revealed at midday today (Tuesday 23 July), and Johnson officially takes the lead role tomorrow after securing more than 92,000 votes. 

Johnson, formerly the mayor of London, emerged as a clear favourite in the contest, though many were not supportive of the nomination. Some have even vowed to resign if he wins the race, including Chancellor Philip Hammond.

Brexit: What on earth's going on?

Meanwhile, May will chair her last cabinet meeting on Tuesday morning and will officially hand in her resignation to the Queen the following day.

She was forced to stand down from her role before delivering her Brexit deal after a revolt in her party against her strategy and repeated rejections by Brussels of her proposed changes to the deal.

Johnson's appointment is considered to bring closer the possibility of a no-deal Brexit, as he has repeatedly said he will seek to take Britain out of the EU with or without a deal on 31 October.

Leigh Himsworth, portfolio manager at Fidelity International, said: "With Boris Johnson as prime minister, the options facing the UK remain broadly the same: a Withdrawal Agreement similar to that presented by Theresa May; a general election to win a greater majority for the Conservative party or a new referendum.

"The outcome will depend on how confident Boris feels in his own political power. His support of the Leave campaign gives him leverage over the right wing while the bluster may win Labour Leave voters.

"His personal background may help him retain the Tory heartland. But the key question is whether he will be able to extend his charm over the channel."

Follow market and industry reaction to the announcement on our Brexit Blog.