UK will name its new prime minister on Monday following a hard and bitter competition for leadership within the ruling Conservative Party.
The chair of 1922 Committee Graham Brady is expected to make the announcement at 12.30 p.m. London time.
The new prime minister may be the current Foreign Secretary Liz Truss or former Finance Minister Rishi Sunak, after reaching the final stage between eight-candidate leadership contest.
“Truss’s win would throw the BOE‘s outlook into disarray, as it wants to scrap inflation as the monetary policy target and rely on another metric, such as growth for example,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Both Truss and Sunak are Conservatives as Sunak is an Indian descent and he considered a moderate, while Truss is described as a Thatcher after Margaret Thatcher, she takes the most right-wing positions in the party.
The two candidates have come head-to-head at 12 campaign events over the last eight weeks in a trial to win over party members.
The election started after the current Prime Minister Boris Johnson announced he would be resigning on July 7. It came after a wave of ministers and backbenchers resigned. The vote was carried out as a postal ballot which closed on the second of September.
Johnson has stayed on as caretaker PM while the party decided between the candidates, as he didn’t resign formally yet.
