This blog has always proposed that in the event that a governing party changes its leader and therefore the country’s prime minister, only MPs should vote, so as to ensure a quick resolution to the crisis. With the pound now at $1.29 and no plan of action to take advantage of this silver lining, it will become instead a dead weight on the real economy, which is clearly slowing down.
There are stresses beginning to develop in commercial property as what used to be called property bonds close their funds to withdrawals. Attempts to balance the budget have been abandoned not from choice, but because they cannot be achieved. Inward investment is severely curtailed as is business investment. This is no time to be without both an operational prime minister and chancellor and to continue like this would be to exhibit a degree of national irresponsibility without clear historical parallel. When Chamberlain had to go Churchill replaced him within the hour.
The Conservative Party must accept that its 140,000 members must forgo the luxury of hustings and a ballot. If they do act in the national interest, we can have a new government before the weekend. We certainly need one.