UK PM Statement to Not Seek A Third Term Causing Political Backlash

The PM’s announcement struck the wrong note on a number of fronts. It made it easy for Labour politician Douglas Alexander to attack him as “typically arrogant”. The U.K. population has historical form for disliking leaders who look like they are assuming the results of an election. The best-known example is probably the ‘Sheffield rally’ – when Neil Kinnock, then leader of the Labour Party (and now better-known as the father-in-law of the Danish Prime Minister Helle Thorning-Schmidt) appeared to enthusiastically celebrate an expected Labour victory, only to lose the election a week later.

Another is Cameron’s predecessor Tony Blair, who famously did not make it to the end of his third term after promising not to serve a fourth term – turning himself into a lame duck.

The prospect of an exit by Cameron also makes the speculation about who will be next more interesting. He named Theresa May, the Home Secretary; George Osborne, the Chancellor of the Exchequer; and popular Mayor of London Boris Johnson as potential successors. While these are the three most obvious candidates, by naming them he has effectively kick-started the campaign to be his successor, at least four years before he (presumably) wants it to start.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza