Cameron Seeks to End Party Infighting, Backs Osborne

British Prime Minister David Cameron backed his embattled Chancellor George Osborne on Monday in a bid to stem a bout of infighting triggered by the resignation of a senior minister.

Cameron’s Conservative Party, already divided over a forthcoming referendum on membership of the European Union, descended into chaos over the weekend after Work and Pensions Secretary Iain Duncan Smith resigned with a fierce critique of Osborne, a close ally of Cameron, and his plans to cut welfare.

The pointed criticism of Osborne, whom Cameron has trusted to run the British economy since 2010, posed a threat to party unity ahead of the June 23 EU vote and brought calls from the opposition Labour Party for Osborne to resign.

Faced with the difficult task of calming tensions in a party with a long history of bitter internal rows, Cameron said Osborne’s work on “turning our economy around” was essential to delivering his party’s vision for the country.

Reuters

Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.