New Prime Minister Boris Johnson sacked most of Britain's cabinet on Wednesday as he took office vowing to get a new divorce deal with the European Union or leave without one by Oct 31. The former London mayor has pledged to break the political deadlock that has left Britain in crisis and forced his predecessor Theresa May to delay Brexit twice.
Expectations of policy easing by major central banks such as the Federal Reserve propped up global stocks on Tuesday, while the pound sagged as Britain braced for a new prime minister who could pave the way for a no-deal exit from the European Union.
Boris Johnson, the frontrunner to become Britain's next prime minister, will launch a review into the so-called sin taxes on products high in salt, fat, and sugar if he wins the contest for leader, he will say on Wednesday.
Boris Johnson's tax proposals would cost many billions and benefit the wealthy the most, according to the Institute for Fiscal Studies. Mr Johnson, the front-runner in the race to lead the Conservative Party, has outlined plans to raise the threshold for the highest rate of income tax to £80,000.
Police was called to the home of leadership candidate Boris Johnson and his partner after reports of a heated row, according to British media, hours after he was named in the final two in the race to become prime minister.
The EU's top leaders on Friday fired a Brexit warning to whoever wins the battle to become the next British prime minister, saying the existing divorce deal could not be changed.
Fervent Brexit campaigner Boris Johnson and foreign minister Jeremy Hunt emerged on Thursday as the only two candidates left in the race to become British prime minister, with the flamboyant Johnson odds-on favorite to win next month.
The five contenders left in the race to replace Theresa May as Britain's prime minister will face off in a third-round ballot on Wednesday of the 313 Conservative MPs. The one with the lowest tally will get eliminated ahead of more votes on Thursday.
Several hopefuls vying to replace British Prime Minister Theresa May turned their fire on favourite Boris Johnson on Sunday questioning his pledge to leave the European Union by the end of October no matter what.
British Prime Minister Theresa May steps down as leader of her Conservative Party on Friday, formally triggering the race for a successor who will try where she failed to deliver Brexit. May will remain prime minister until a new leader is chosen, likely in late July, but has relinquished control over the direction of Britain's tortuous departure from the European Union.