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Cameron Seeks to End Party Infighting, Backs Osborne

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British Prime Minister David Cameron backed his embattled Chancellor George Osborne on Monday in a bid to stem a bout of infighting triggered by the resignation of a senior minister.

Cameron’s Conservative Party, already divided over a forthcoming referendum on membership of the European Union, descended into chaos over the weekend after Work and Pensions Secretary Iain Duncan Smith resigned with a fierce critique of Osborne, a close ally of Cameron, and his plans to cut welfare.

The pointed criticism of Osborne, whom Cameron has trusted to run the British economy since 2010, posed a threat to party unity ahead of the June 23 EU vote and brought calls from the opposition Labour Party for Osborne to resign.

Faced with the difficult task of calming tensions in a party with a long history of bitter internal rows, Cameron said Osborne’s work on “turning our economy around” was essential to delivering his party’s vision for the country.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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