Gordon Brown Steps Down As British Prime Minister (EWU, FXB)
British Prime Minister Gordon Brown announced his resignation Tuesday evening in a brief, yet emotional statement on the steps of 10 Downing Street, effectively ending the 13 year run of the Labour Party’s control over the position.
Conservative leader David Cameron will take over as the next leader of the Kingdom of Great Britain and Northern Ireland, who will become the youngest prime minister in nearly two decades.
"It was a privilege to serve, and yes, I love the job; not for its prestige, its titles and its ceremony, which I do not love at all," Brown said. "No, I love the job for its potential to make this country I love fairer, more tolerant, more green, more democratic, more prosperous and more just, truly a greater Britain."
Brown’s resignation comes less than three years after he took over the post from from Prime Minister Tony Blair in June 2007. Blair had held the office since ousting the Conservatives in 1997.
Brown, 59, had held the No. 2 position under Blair as they worked together to initiate the centrist experiment and party makeover, “New Labor” 13 years ago.
The resignation comes after last week’s general election that left no clear-cut winner. The Conservatives won more seats in the election but fell short of a majority, which forced both parties to try and sway the favor of the Liberal Democrats.
Cameron will take the office of Prime Minister with the expected support of Liberal Democrat leader Nick Clegg.
The election left the country with its first Hung Parliament since 1974, where no party had the majority of the seats in the House of Commons.
Brown headed to Buckingham Palace following his statement for an audience with Queen Elizabeth II to officially resign.
Related ETFs:
iShares MSCI United Kingdom (NYSE: EWU)
CurrencyShares British Pound Sterling Tr (NYSE: FXB)
Conservative leader David Cameron will take over as the next leader of the Kingdom of Great Britain and Northern Ireland, who will become the youngest prime minister in nearly two decades.
"It was a privilege to serve, and yes, I love the job; not for its prestige, its titles and its ceremony, which I do not love at all," Brown said. "No, I love the job for its potential to make this country I love fairer, more tolerant, more green, more democratic, more prosperous and more just, truly a greater Britain."
Brown’s resignation comes less than three years after he took over the post from from Prime Minister Tony Blair in June 2007. Blair had held the office since ousting the Conservatives in 1997.
Brown, 59, had held the No. 2 position under Blair as they worked together to initiate the centrist experiment and party makeover, “New Labor” 13 years ago.
The resignation comes after last week’s general election that left no clear-cut winner. The Conservatives won more seats in the election but fell short of a majority, which forced both parties to try and sway the favor of the Liberal Democrats.
Cameron will take the office of Prime Minister with the expected support of Liberal Democrat leader Nick Clegg.
The election left the country with its first Hung Parliament since 1974, where no party had the majority of the seats in the House of Commons.
Brown headed to Buckingham Palace following his statement for an audience with Queen Elizabeth II to officially resign.
Related ETFs:
iShares MSCI United Kingdom (NYSE: EWU)
CurrencyShares British Pound Sterling Tr (NYSE: FXB)
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