Lawmakers in Prime Minister David Cameron's Conservative party were voting Thursday for the final two candidates to replace him and lead Britain out of the EU, as the IMF urged a swift exit to limit damaging uncertainty.
Interior minister Theresa May is the frontrunner in the leadership race, but two Brexit campaigners are battling to be her opponent in the final contest, which will be decided by 150,000 party members and due to be announced on September 9.
The winner, who will become prime minister without need for a general election, will have the task of extricating Britain from its 43-year membership of the European Union following the seismic vote in last month's referendum.
EU leaders have warned against dragging out the process, a point pressed by Christine Lagarde, managing director of the International Monetary Fund, in an interview with AFP in Washington.
"The key word about this Brexit affair is uncertainty and the longer the uncertainty, the higher the risk," she said.
"The sooner they can resolve their timeline and the terms of their departure the better for all. It needs to be predictable as soon as possible."
Some Conservative MPs agree -- about 30 have signed a letter organised by former party chairman Grant Shapps calling for a new leader to be installed by the end of July.
The shock result of the June 23 referendum prompted Cameron to resign and sent global stock markets and the value of the pound plunging.
London's FTSE 100 index has recovered but the Bank of England warned this week that the feared risks to financial stability were starting to materialise.
Aberdeen Asset Management on Thursday became the seventh financial group to order a temporary suspension on redemptions from UK property funds after investors rushed to withdraw investments.
Lagarde said Brexit was a "major downside risk" to the world but played down the likelihood of a global recession, saying: "The immediate effects will be on the UK."
- Tactical voting -
Conservative MPs voted throughout the day in the leadership contest, with a decision expected around 1530 GMT.
A flurry of campaigning in the final hours sparked accusations of dirty tricks.
Nick Boles, a lawmaker who backs justice minister Michael Gove for leader, had to apologise after urging May's supporters to tactically back his candidate to keep out their rival, Andrea Leadsom, a junior energy minister.
In a penitent tweet, Boles said his candidate was not aware of his manoeuvring -- but it will not help Gove's image, after he sensationally withdrew support from leadership frontrunner Boris Johnson to stand himself.
Johnson, the former London mayor and Brexit campaigner who had long been tipped to succeed Cameron, then pulled out of the contest.
May, who has run the Home Office since 2010, is widely viewed as a safe pair of hands. She wanted Britain to stay in the EU but played a minor role in the campaign, and says she is now the best person to unify Britain.
But Leadsom has secured surprisingly strong support following a sound performance in EU referendum debates, and came second in a first ballot of Tory MPs on Tuesday.
- 'Prosperity, not austerity' -
In a speech in London to a room packed with supporters, Leadsom said her focus would be on "the continued success of the UK economy".
"Prosperity should be our goal, not austerity," the 53-year-old said.
She dismissed predictions that Brexit could spell economic disaster, and said the fall in the pound to a 31-year low against the dollar was good for exports.
She predicted a return to economic growth when the post-referendum figures are published, adding: "I believe we have a great future ahead of us.
"We need to unite. We need to be positive."
In a round of television interviews, she dismissed reports that she has exaggerated her experience in the financial sector before becoming an MP in 2010.
Former Tory leader Michael Howard acknowledged Leadsom's relative lack of experience, but noted Cameron had no experience in government before becoming prime minister.
He threw his support behind her, telling BBC radio: "She's in tune with the majority of people in this country."
AFP
Thu Jul 07 2016
Interior minister Theresa May (pic) is the frontrunner in the leadership race. - AFP photo
COP29 climate summit draft proposes rich countries pay $250 billion per year
The draft finance deal criticised by both developed and developing nations.
Bomb squad sent to London's Gatwick Airport after terminal evacuation
This was following the discovery of a suspected prohibited item in luggage.
Kelantan urges caution amidst northeast monsoon rains
Kelantan has reminded the public in the state to refrain from outdoor activities with the arrival of the Northeast Monsoon season.
Former New Zealand PM Jacinda Ardern receives UN leadership award
Former New Zealand prime minister Jacinda Ardern was given a global leadership award by the United Nations Foundation.
ICC'S arrest warrants for Netanyahu, Gallant an apt decision - PM
The decision of the ICC to issue arrest warrants against Benjamin Netanyahu and Yoav Gallant is apt, said Datuk Seri Anwar Ibrahim.
KTMB provides two additional ETS trains for Christmas, school holidays
KTMB will provide two additional ETS trains for the KL Sentral-Padang Besar route and return trips in conjunction with the holidays.
BNM'S international reserves rise to USD118 bil as at Nov 15, 2024
Malaysia's international reserves rose to US$118.0 billion as at Nov 15, 2024, up from US$117.6 billion on Oct 30, 2024.
Findings by dark energy researchers back Einstein's conception of gravity
The findings announced are part of a years-long study of the history of the cosmos focusing upon dark energy.
NRES responds to Rimbawatch press release on COP29
The Ministry of Natural Resources and Environmental Sustainability (NRES) wishes to offer the following clarifications to the issues raised.
Online Safety Bill and Anti-Cyberbullying Laws must carefully balance rights and protections
The Online Safety Advocacy Group (OSAG) stands united with people in Malaysia in the fight against serious online harms.
Malaysia's inflation at 1.9 pct in Oct 2024 - DOSM
Malaysia's inflation rate for October 2024 has increased to 1.9 per cent, up from 1.8 per cent in September this year.
Saudi Arabia showcases Vision 2030 goals at Airshow China 2024
For the first time, Saudi Arabia is participating in the China International Aviation & Aerospace Exhibition held recently in Zhuhai.
King Charles' coronation cost GBP 71mil, govt accounts show
The coronation of Britain's King Charles cost taxpayers GBP72 million (US$90 million), official accounts have revealed.
Couple and associate charged with trafficking 51.9 kg of meth
A married couple and a man were charged in the Magistrate's Court here today with trafficking 51.974 kilogrammes of Methamphetamine.
PDRM to consult AGC in completing Teoh Beng Hock investigation
The police may seek new testimony from existing witnesses for additional insights into the investigation of Teoh Beng Hock's death.
Thai court rejects petition over ex-PM Thaksin's political influence
Thailand's Constitutional Court rejects a petition seeking to stop Thaksin Shinawatra from interfering in the running the Pheu Thai party.
Abidin takes oath of office as Sungai Bakap assemblyman
The State Assemblyman for Sungai Bakap, Abidin Ismail, was sworn in today at the State Assembly building, Lebuh Light.
UPNM cadet officer charged with injuring junior, stomping on him with spike boots
A cadet officer at UPNM pleaded not guilty to a charge of injuring his junior by stomping on the victim's stomach with spike boots.
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled
The indictment was unsealed on Nov. 20, prompting a $27 billion plunge in Adani Group companies' market value.
Elon Musk blasts Australia's planned ban on social media for children
Several countries have already vowed to curb social media use by children through legislation, but Australia's policy could become one of the most stringent.