Introduction to European Fundamentals | Episode 10: Measures during the UK Prime Minister's absence [Miko Matsuzaki]

Miko Matsuzaki Profile

Yoshiko Matsuzaki. Began her trading career at Swiss Bank Tokyo Branch. In 1988 she moved to the UK, and in 1989 joined Barclays Bank London Main Office Dealing Room. She gave birth in 1991. In 1997 she transferred to Merrill Lynch Investment Bank in London’s City; she left in 2000. Currently, in addition to FX trading, she shares information directly from Europe to Japanese individual investors through blogs, seminars, and YouTube. Her books include “Miko Matsuzaki’s London FX” and “London FX That Always Makes Money” (both published by Jiyu Kokuminsha). Since 2018 she has operated the “Fundamentals College.” She also started an online salon “FX Style” on DMM.

Blog：http://londonfx.blog102.fc2.com/
Fundamentals College：https://fundamentals-college.com/
Online Salon：https://lounge.dmm.com/detail/1215/

*This article is a reprint/re-edit of an article from FX攻略.com July 2020 issue. Please note that the market information written in the text may differ from the current market.

Appointed Deputy Prime Minister Soon After Prime Minister Took Office

Under British law, there is no “Deputy Prime Minister.” Therefore, the Prime Minister selects a “Deputy Prime Minister” immediately after taking office. When the country is to be out for official duties, the Deputy PM appears in Parliament during PMQ (Prime Minister's Question Time) every Wednesday. Otherwise, if the Prime Minister becomes unable to perform duties, the Deputy PM will take the stage.

The Prime Minister is absent when they resign, die, or when the king directs the Prime Minister to step down. Under British law, the Prime Minister also serves as the most senior adviser to the king. There is also a rank among ministers, indicated by the seats at ministerial meetings.

Generally in the UK, the second-highest rank after the Prime Minister is the “First Secretary of State,” currently held by Foreign Secretary Dominic Raab in the present Cabinet. However, being the First Secretary of State does not automatically make one Deputy Prime Minister; the Prime Minister must formally appoint a Deputy.

If the Prime Minister is absent, and the cabinet (the governing party) holds a majority of seats, the party selects a new Prime Minister, reports to the king, and is approved to officially become the new Prime Minister. The selection process is carried out with a strict consensus, considering every aspect such as the candidate’s health and their views on economy and finance.

In some cases, a leadership contest may be held, causing several weeks of delay; in such cases a “caretaker leader” is chosen and serves as interim Prime Minister.