Theresa May

Theresa May to resign as PM: industry reacts

Theresa May has announced that she will resign as the leader of the Conservative party on Friday 7th June.

During her speech earlier today (24th May) at Downing Street, May stated that she was resigning with “no ill-will” and was grateful of the opportunity to have served the UK.

Commenting on the news, Paresh Raja, CEO at Market Financial Solutions, said: “May's resignation delivers a significant blow not just to the government, but the property sector at large.

“Our politicians have failed in their attempts to manage Brexit, and with the Tories now preparing for a leadership contest, this poses more questions than answers.

“At this critical point, what the UK now demands is the leadership and resolve to ensure that progress can be made.

“Failing this, businesses and investors will remain in the dark, unable to plan for the future.

“The UK is currently facing one of the country's biggest housing challenges, and with a divided government, there is a real risk that this fundamental issue will continue to be overlooked.”

Jerald Solis, director at Experience Invest, added: “Theresa May's position as prime minister has been on shaky ground ever since her Brexit deal was first rejected in parliament, so while this is not a completely surprising development, it nonetheless casts further questions over the government's ability to manage Brexit.

“I'd like to see housing included as part of the upcoming Tory leadership contest, but the unfortunate reality is that most of this campaign will be dominated by discussions on Brexit. 

“At this critical juncture, our next prime minister must demonstrate resolve to not only deliver some kind of solution to Brexit, but also have a broader vision to address the long-term challenges facing the UK, including the housing crisis.”

Chris Towner, director at JCRA, believed that the chances of further delay to Brexit have now increased, but so too have the chances of a hard Brexit.

“Although widely expected as she approached the podium, sterling still managed to trade frenetically for a short period of time, before dropping back to a more settled level.”

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