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The end of May starts in June

24.05.19

Theresa May has announced that she will step down as prime minister on 7th June, following mass criticism of her apparent inability to deliver Brexit. May has faced backlash from both Tory and other MPs against her latest Brexit plan, which included concessions aimed at attracting cross-party support.

She’ll continue to serve as prime minister while a Conservative leadership contest takes place, which will see the likes of Boris Johnson, Jeremy Hunt and Michael Gove vying for the Tory top spot, and the British public will now have to face the reality of yet another unelected PM.

During her speech May said: "I will shortly leave the job that it has been the honour of my life to hold. The second female prime minister, but certainly not the last. I do so with no ill will, but with enormous and enduring gratitude to have had the opportunity to serve the country I love."

Calls for her resignation have been loud and long term, but the UK now faces even more uncertainty amid Brexit and a potentially volatile leadership clash. But what does this latest turn of events mean for the property sector – some of the UK’s leading figures react:

Property - Paresh Raja, CEO of Market Financial Solutions

“May's resignation delivers a significant blow not just to the Government, but the property sector at large. Our politicians have failed in their attempts to manage Brexit, and with the Tories now preparing for a leadership contest, this poses more questions than answers.

"At this critical point, what the UK now demands is the leadership and resolve to ensure that progress can be made. Failing this, businesses and investors will remain in the dark, unable to plan for the future. The UK is currently facing one of the country's biggest housing challenges, and with a divided government, there is a real risk that this fundamental issue will continue to be overlooked."

Finance - Jamie Johnson, CEO of FJP Investment

“Uncertainty does not bode well when it comes to implementing a financial strategy, and for nearly three years, investors have been left in the dark with little guidance from the government. Now, with Theresa May's resignation, we will no doubt see some movement in financial markets as they react to this news. However, this is not a cause for concern, as there could be greater long-term benefits of today’s announcement.

“Once the markets have adjusted to the news, the government has the opportunity to use the leadership contest as a means of delivering greater certainty over Brexit. By knowing just what options are on the table, investors will be in a better position to effectively plan for the future. This means appointing a leader who can unify the Tory party and provide the leadership and guidance the country is currently calling for.”

Property - Jerald Solis, Director of Experience Invest

"Theresa May's position as Prime Minister has been on shaky ground ever since her Brexit deal was first rejected in parliament, so while this is not a completely surprising development, it nonetheless casts further questions over the Government's ability to manage Brexit.

"I'd like to see housing included as part of the upcoming Tory leadership contest, but the unfortunate reality is that most of this campaign will be dominated by discussions on Brexit. At this critical juncture, our next Prime Minister must demonstrate resolve to not only deliver some kind of solution to Brexit, but also have a broader vision to address the long-term challenges facing the UK, including the housing crisis."

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