Ministerial Resignations Continue As New Chancellor Calls For Johnson To Go

Chancellor of the Exchequer Nadhim Zahawi has publicly called for PM Boris Johnson to resign, just two days after being appointed to the position. Zahawi has not resigned his position, likely given concerns over financial market instability. Similar position for Home Secretary Priti Patel, who is believed to have told Johnson to resign but has not resigned as MI5 and MI6 require ministerial oversight to continue operating.

• Newly-appointed Education Secretary Michelle Donelan has resigned. She was also appointed on Tuesday evening.
• Secretary of State for Northern Ireland Brandon Lewis as well as Helen Whately, Damian Hinds, George Freeman, Guy Opperman, Chris Philp, and James Cartlidge have all announced their resignation from ministerial or gov't payroll positions this morning.
• Following the decision of the 1922 Committee last night to move towards new executive elections on Monday, it is looking likely that the earliest a full leadership vote could take place is Tuesday 12 June.
• Unclear what the PM's next move will be. Given the scale of resignations and public pronouncements of vote of no confidence from backbenchers, there are unlikely to be enough MPs left to fill vacant positions in the gov't.
• The large amount of political risk experienced in the UK in recent years seems to have rubbed off on financial markets, with little reaction in sterling or other UK assets to the extraordinary political situation in Westminster.