Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking & Finance Review®

Global Banking & Finance Review® - Subscribe to our newsletter

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2026 GBAF Publications Ltd - All Rights Reserved. | Sitemap | Tags | Developed By eCorpIT

    Editorial & Advertiser disclosure

    Global Banking & Finance Review® is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Home > Top Stories > Boris Johnson quits as UK prime minister, dragged down by scandals
    Top Stories

    Boris Johnson quits as UK prime minister, dragged down by scandals

    Published by Jessica Weisman-Pitts

    Posted on July 7, 2022

    7 min read

    Last updated: February 5, 2026

    Boris Johnson delivers a resignation speech outside Downing Street after losing support amid scandals. His statement marks a pivotal moment in UK politics, leading to the search for a new leader in the Conservative Party.
    Boris Johnson announcing his resignation as UK prime minister amid scandals - Global Banking & Finance Review
    Why waste money on news and opinion when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe

    Tags:BrexitUK economyfinancial crisisfinancial management

    By Kate Holton, Elizabeth Piper and Alistair Smout

    LONDON (Reuters) -Scandal-ridden Boris Johnson announced on Thursday he would quit as British prime minister after he dramatically lost the support of his ministers and most Conservative lawmakers, but said he would stay on until his successor was chosen.

    Bowing to the inevitable as more than 50 ministers quit and lawmakers said he must go, an isolated and powerless Johnson said it was clear his party wanted someone else in charge, but that his forced departure was “eccentric”.

    “Today I have appointed a cabinet to serve, as I will, until a new leader is in place,” Johnson said outside his Downing Street office where his speech was watched by close allies and his wife Carrie.

    “I know that there will be many people who are relieved and perhaps quite a few who will also be disappointed. And I want you to know how sad I am to be giving up the best job in the world. But them’s the breaks,” he added, making no apology for the events that forced his announcement.

    There were cheers and applause as he began his speech, while boos rang out from some outside the gates of Downing Street.

    After days of battling for his job, Johnson had been deserted by all but a handful of his closest allies after the latest in a series of scandals sapped their willingness to support him.

    “It was a short and bizarre resignation speech which didn’t mention the word resign or resignation once. There was no apology, no contrition,” Conservative lawmaker Andrew Bridgen said. “There was no apology for the crisis his actions have put our government, our democracy, through.”

    The Conservatives will now have to elect a new leader, a process which could take weeks or months, with details to be announced next week.

    A snap YouGov poll found that defence minister Ben Wallace was the favourite among Conservative Party members to replace Johnson, followed by junior trade minister Penny Mordaunt and former finance minister Rishi Sunak.

    While Johnson said he would stay on, opponents and many in his own party said he should leave immediately and hand over to his deputy, Dominic Raab. Former Conservative Prime Minister John Major said it was “unwise and maybe unsustainable” for him to remain in office when he could still exert its powers.

    “For the overall wellbeing of the country, Mr Johnson should not remain in Downing Street – when he is unable to command the confidence of the House of Commons – for any longer than necessary to effect the smooth transition of government,” Major said in a letter released to media.

    Keir Starmer, leader of the main opposition Labour Party, said he would call a parliamentary confidence vote if the Conservatives did not remove Johnson at once.

    COST-OF-LIVING CRISIS

    The crisis comes as Britons are facing the tightest squeeze on their finances in decades, in the wake of the COVID-19 pandemic, with soaring inflation, and the economy forecast to be the weakest among major nations in 2023 apart from Russia.

    It also follows years of internal division sparked by the narrow 2016 vote to leave the European Union, and threats to the make-up of the United Kingdom itself with demands for another Scottish independence referendum, the second in a decade.

    Support for Johnson had evaporated during one of the most turbulent 24 hours in recent British political history, epitomised by finance minister, Nadhim Zahawi, who was only appointed to his post on Tuesday, calling on his boss to resign.

    Zahawi and other cabinet ministers went to Downing Street on Wednesday evening, along with a senior representative of those lawmakers not in government, to tell Johnson the game was up.

    Initially, Johnson refused to go and seemed set to dig in, sacking Michael Gove – a member of his top ministerial team who was one of the first to tell him he needed to resign – in a bid to reassert his authority.

    But by Thursday morning as a slew of resignations poured in – including that of Michelle Donelan who he’d only appointed education secretary on Tuesday night – it became clear his position was untenable.

    “You must do the right thing and go now,” Zahawi tweeted.

    Some of those that remained in post, including Wallace, had said they were only doing so because they had an obligation to keep the country safe.

    Once it was clear he was standing down, Johnson began appointing ministers to vacant posts.

    “It is our duty now to make sure the people of this country have a functioning government,” Michael Ellis, a minister in the Cabinet Office department which oversees the running of government, told parliament.

    FROM POPULAR TO DESERTED

    The ebullient Johnson came to power nearly three years ago, promising to deliver Brexit and rescue it from the bitter wrangling that followed the 2016 referendum. He shrugged off concerns from some that his narcissism, failure to deal with details, and a reputation for deceit meant he was unsuitable.

    Some Conservatives enthusiastically backed the former journalist and London mayor, while others, despite reservations, supported him because he was able to appeal to parts of the electorate that usually rejected their party.

    That was borne out in the December 2019 election. But his administration’s combative and often chaotic approach to governing and a series of scandals exhausted the goodwill of many of his lawmakers while opinion polls show he is no longer popular with the public at large.

    The recent crisis erupted after lawmaker Chris Pincher, who held a government role involved in pastoral care, was forced to quit over accusations he groped men in a private member’s club.

    Johnson had to apologise after it emerged that he was briefed that Pincher had been the subject of previous sexual misconduct complaints before he appointed him. The prime minister said he had forgotten.

    This followed months of scandals and missteps, including a damning report into boozy parties at his Downing Street residence and office that broke COVID-19 lockdown rules and saw him fined by police over a gathering for his 56th birthday.

    There have also been policy U-turns, an ill-fated defence of a lawmaker who broke lobbying rules, and criticism that he has not done enough to tackle the cost-of-living crisis, with many Britons struggling to cope with rising fuel and food prices.

    In his resignation speech, Johnson highlighted his successes – from completing Brexit to overseeing the fastest COVID-19 vaccine rollout in Europe. But he said his attempts to persuade colleagues that changing leader while there was war in Ukraine and the government was delivering on its agenda had failed.

    “I regret not to have been successful in those arguments. And of course, it’s painful not to be able to see through so many ideas and projects myself,” he said.

    “But as we’ve seen at Westminster, the herd instinct is powerful – when the herd moves, it moves and, my friends, in politics no one is remotely indispensable.”

    (Additional reporting by William James, Kylie MacLellan, Andrew MacAskill, Alistair Smout, William Schomberg, Muvija M, Farouq Suleiman and Sachin Ravikumar; Writing by Michael Holden and Elizabeth Piper; Editing by Kate Holton, Frank Jack Daniel, Toby Chopra and Mark Heinrich)

    Frequently Asked Questions about Boris Johnson quits as UK prime minister, dragged down by scandals

    1What is inflation?

    Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured annually.

    More from Top Stories

    Explore more articles in the Top Stories category

    Image for Lessons From the Ring and the Deal Table: How Boxing Shapes Steven Nigro’s Approach to Banking and Life
    Lessons From the Ring and the Deal Table: How Boxing Shapes Steven Nigro’s Approach to Banking and Life
    Image for Joe Kiani in 2025: Capital, Conviction, and a Focused Return to Innovation
    Joe Kiani in 2025: Capital, Conviction, and a Focused Return to Innovation
    Image for Marco Robinson – CLOSE THE DEAL AND SUDDENLY GROW RICH
    Marco Robinson – CLOSE THE DEAL AND SUDDENLY GROW RICH
    Image for Digital Tracing: Turning a regulatory obligation into a commercial advantage
    Digital Tracing: Turning a regulatory obligation into a commercial advantage
    Image for Exploring the Role of Blockchain and the Bitcoin Price Today in Education
    Exploring the Role of Blockchain and the Bitcoin Price Today in Education
    Image for Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Inside the World’s First Collection Industry Conglomerate: PCA Global’s Platform Strategy
    Image for Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Chase Buchanan Private Wealth Management Highlights Key Autumn 2025 Budget Takeaways for Expats
    Image for PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    PayLaju Strengthens Its Position as Malaysia’s Trusted Interest-Free Sharia-Compliant Loan Provider
    Image for A Notable Update for Employee Health Benefits:
    A Notable Update for Employee Health Benefits:
    Image for Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Creating Equity Between Walls: How Mohak Chauhan is Using Engineering, Finance, and Community Vision to Reengineer Affordable Housing
    Image for Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Upcoming Book on Real Estate Investing: Harvard Grace Capital Founder Stewart Heath’s Puts Lessons in Print
    Image for ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    ELECTIVA MARKS A LANDMARK FIRST YEAR WITH MAJOR SENIOR APPOINTMENTS AND EXPANSION MILESTONES
    View All Top Stories Posts
    Previous Top Stories PostFrance launches hunt for new EDF CEO, sets money aside for full nationalisation
    Next Top Stories PostBoeing CEO says planemaker could be forced to cancel 737 MAX 10 -Aviation Week