Categories: Market Overview

Crisis of Leadership Over Virus Grips Britain

Britain is facing a new leadership crisis at its most vulnerable moment in decades. With the worst of the coronavirus outbreak expected to hit the country in the next 7-10 days, Prime Minister Boris Johnson has been hospitalized for what Downing Street has characterized as precautionary tests.

Since testing positive for the virus on March 26, the 55-year-old Johnson has recorded a succession of “selfie” videos from his apartment, designed to prove he’s still in charge. But the shaky footage showed a visibly unwell leader who sounded short of breath and who still can’t shake off the symptoms, including a fever.

Now Johnson is handing over key duties to his untested deputy, Foreign Secretary Dominic Raab, who will chair the daily crisis meetings. This has its own risks. Raab, along with other senior ministers including Health Secretary Matt Hancock and Cabinet Office Minister Michael Gove, stood against Johnson for the Conservative Party leadership last year.

Behind the scenes, officials squabble over what to do next as the U.K.’s strategy comes under pressure. Critics say Johnson, like U.S. President Donald Trump, didn’t move quickly enough and prevaricated over how intense a lockdown should be, a gamble that risks worsening the virus’s impact.

Queen Elizabeth II stepped in last night with a rare televised address to the nation, appealing for the unity and resolve it showed during World War II. Yet what the country needs now is a leader with a strong enough grip on the government machine to deal with the emergency.

What to Watch This Week

-Euro-area finance ministry officials speak today on options for mitigating the economic hit from the pandemic. They’ll be followed by finance ministers tomorrow. It’s possible leaders will speak later this week to sign off on a plan. -Republicans are asking the U.S. Supreme Court to block the extension of absentee voting in tomorrow’s presidential primary in Wisconsin, where the Democratic governor issued a stay-at-home order because of the virus. -The EU plans to impose tariffs on lighters and plastic fittings from the U.S. in retaliation over American duties on imported steel and aluminum. -Mexican President Andres Manuel Lopez Obrador pledged to boost public works projects and low-interest loans to soften the outbreak blow but ruled out more significant stimulus, sending the peso tumbling. -Israeli lawmaker Benny Gantz told President Reuven Rivlin he may need to seek an extension beyond April 13 as he tries to build a coalition government with Prime Minister Benjamin Netanyahu’s Likud and aligned parties.

Crisis of Leadership Over Virus Grips Britain, Bloomberg, Apr 6

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