UK Prime Minister Theresa May formally quits as leader of the Conservative Party today.
On 24 May 2019, Theresa May announced that she would resign as the Conservative Party leader today, on June 7. In her emotional speech, Mrs. May acknowledged that she had failed after her Brexit deal – the Draft Withdrawal Agreement with the EU of 14 November 2018 – was rejected thrice by the UK Parliament.
The next step for the UK is the election of a new Prime Minister. Mrs. May will remain in the position until a successor is chosen.
There are several frontrunners of which a majority are in favor of a no-deal Brexit.
Given that the EU insists that no other withdrawal agreement can be negotiated, Mrs. May’s resignation is considered to make a potential no-deal Brexit more likely.
The message for business is clear: Use the coming months to prepare for a Hard Brexit.