07.07.202211:40 Forex Analysis & Reviews: More than 40 ministers and aides quit in the UK

UK Prime Minister Boris Johnson said he has no intention of abdicating despite many of his cabinet members resigning in response to his scandals.

Transport Secretary Grant Shapps and Business Secretary Kwasi Kwarteng were among the dignitaries who told Johnson that his time was up as more than 40 ministers and aides quit, following the resignation of Teasury chief Rishi Sunak and Health Secretary Sajid Javid. The exodus continued early Thursday, with the resignations of Northern Ireland Minister Brandon Lewis and Finance Minister Helen Whately.

For most of the day, Johnson's administration was in real danger of collapse as its authority waned. But after meeting with his inner circle, the Prime Minister went on the attack, firing Michael Gove, one of the cabinet's remaining big hitters.

This news makes shorting the FTSE100 index a good idea, especially since interest rates are likely to increase and threats of a recession correlate with political uncertainty in the UK.

The numbers are definitely not in Johnson's favor. Had 32 more of his MPs voted against him in June, his authority would have ended. The number of resignations in the last 24 hours already exceeds that.

However, in Parliament, Johnson made clear that he had no intention of resigning and said that he believed his mandate to power came from the voters who gave him a stunning victory in the 2019 election.