Harold Wilson’s famous idiom that a week is a long time in politics may need to be updated following the enormous changes in British politics following the Brexit vote. After David Cameron resigned, we were originally told to expect a new Prime Minister by October, this was subsequently updated to September and then unbelievably within a couple of days this week the former Prime Minister David Cameron had resigned and left Downing Street. On Wednesday 13th July, Theresa May was formally invited to form a government by Queen Elizabeth II and has now become Britain’s second female Prime Minister.
Within hours of entering 10 Downing Street for the first time as Prime Minister, Theresa May had filled most of the senior cabinet roles. After six years in the job, George Osborne has resigned from the government and been left in the political wilderness. He has been replaced as Chancellor by Philip Hammond who has spent the last two years as Britain’s foreign secretary.
It remains to be seen what changes are afoot but given a number of statements made by Mrs May in her bid to become Prime Minister we already know of her plan to cancel Mr Osborne’s promise to reach a budget surplus by the end of the current Parliament. This should give the new Chancellor an opportunity to boost the economy and alleviate some of the planned austerity cuts. In the wake of the Brexit vote we are likely to see a number of new measures to grow the economy and lessen worldwide concerns as Britain prepares to exit the EU.