Penny Mordaunt, the Commons leader and a former magician’s assistant, will be looking to conjure up the necessary support and pull victory out of a hat in her second bid to become prime minister.
Ms Mordaunt, who has earned a reputation as a competent performer at the despatch box, has said she would “keep calm and carry on” and urged others to do the same after Liz Truss’s resignation.
Popular with Tory activists, she has long nurtured prime ministerial ambitions, fellow MPs claim, relentlessly working the “rubber chicken circuit” of charity dinners and party events to court the grassroots since being elected to her Portsmouth North seat in 2010.
Ms Mordaunt, who has held cabinet posts, including defence secretary, ran to replace Boris Johnson in the first Conservative leadership race with the pithy slogan PM 4 PM.
During that campaign, the Royal Navy reservist, said leadership “needs to become a little less about the leader and a lot more about the ship”.
She came third, narrowly missing out on a place in the head-to-head stage, in which she backed Ms Truss over Rishi Sunak.
Named after the Navy cruiser HMS Penelope
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Although she has previously faced accusations about her lack of profile outside politics, this changed after the Queen’s death when as Lord President of the Council she played a central role in proceedings in which Charles was proclaimed King.
Born in Torquay in March 1973, Ms Mordaunt’s history with the Armed Forces goes back to day one – when she says she was named after the Navy cruiser HMS Penelope.
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Her father John served in the Parachute Regiment before retraining as a teacher and youth worker, and her mother Jennifer worked as a special needs teacher.
She grew up in Hampshire with her twin brother James and younger brother Edward.
Image: Penny Mordaunt was the UK’s first-ever female defence secretary
When she was 15 her mother died of breast cancer and she became her younger brother’s primary carer until her father remarried when she was 18.
On leaving home, she went to Romania for a gap year during which she worked in orphanages and hospitals after the 1989 revolution that toppled the communist regime of Nicolae Ceausescu.
Crediting those experiences with wanting to go into politics, she returned to the UK to study philosophy at the University of Reading, where she became president of the students’ union.
To fund her studies, she worked in a Johnson & Johnson factory and as a magician’s assistant to the president of the Portsmouth Magical Society and British Ring of the International Brotherhood of Magicians.
Worked on presidential campaign
She subsequently worked on George W Bush’s presidential campaigns and was a Conservative party staffer during William Hague’s leadership before branching out into the charity sector.
Winning the Portsmouth North constituency from Labour in 2010, one of her first claims to fame was an appearance on Tom Daley’s reality TV diving show Splash in 2014.
Told by judges she had the “elegance and drive of a paving slab” and criticised by her Labour rivals for not focusing on her day job, she claimed she did it so she could donate most of her £10,000 fee to saving a lido in her constituency.
She also raised eyebrows for a Commons speech in which she squeezed in repeated references to a rude word in a speech about poultry welfare – said to be part of a military bet – leading to accusations of “trivialising parliament”.
Image: On Tom Daley’s reality TV diving show Splash in 2014. Pic: ITV/Shutterstock
As a minister for local government, she caused further controversy when she got into a row with the Fire Brigades Union, which claimed she had “misled MPs” over assurances that firefighters would not have their pensions reduced if they failed fitness tests.
The dispute resulted in strike action.
A prominent Brexiteer, during the 2016 EU referendum campaign she made headlines for falsely claiming during an interview that the UK would not be able to stop Turkey from becoming a member of the bloc.
In 2017 when Priti Patel was forced to resign as international development secretary over undeclared meetings with Israeli officials, Ms Mordaunt replaced her.
She added women and equalities minister to her brief in 2018.
That year she was applauded in the Commons for being the first MP to ever use sign language at the despatch box.
Image: The MP campaigned with Boris Johnson for Brexit
She made history again in 2019 when Theresa May made her the UK’s first-ever female defence secretary.
But she only served for 85 days before Boris Johnson punished her for backing his rival Jeremy Hunt in the Tory leadership contest and demoted her.
Last year she published a book outlining her hopes for post-Brexit Britain.
Ms Mordaunt said it was only through writing it that she realised she was dyslexic and was formally diagnosed.
Global financial markets gave a clear vote of no-confidence in President Trump’s economic policy.
The damage it will do is obvious: costs for companies will rise, hitting their earnings.
The consequences will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.
The court ruled to uphold the impeachment saying the conservative leader “violated his duty as commander-in-chief by mobilising troops” when he declared martial law.
The president was also said to have taken actions “beyond the powers provided in the constitution”.
Image: Demonstrators stayed overnight near the constitutional court. Pic: AP
Supporters and opponents of the president gathered in their thousands in central Seoul as they awaited the ruling.
The 64-year-old shocked MPs, the public and international allies in early December when he declared martial law, meaning all existing laws regarding civilians were suspended in place of military law.
Image: The court was under heavy police security guard ahead of the announcement. Pic: AP
After suddenly declaring martial law, Mr Yoon sent hundreds of soldiers and police officers to the National Assembly.
He has argued that he sought to maintain order, but some senior military and police officers sent there have told hearings and investigators that Mr Yoon ordered them to drag out politicians to prevent an assembly vote on his decree.
His presidential powers were suspended when the opposition-dominated assembly voted to impeach him on 14 December, accusing him of rebellion.
The unanimous verdict to uphold parliament’s impeachment and remove Mr Yoon from office required the support of at least six of the court’s eight justices.
South Korea must hold a national election within two months to find a new leader.
Lee Jae-myung, leader of the main liberal opposition Democratic Party, is the early favourite to become the country’s next president, according to surveys.
While the UK’s FTSE 100 closed down 1.55% and the continent’s STOXX Europe 600 index was down 2.67% as of 5.30pm, it was American traders who were hit the most.
All three of the US’s major markets opened to sharp losses on Thursday morning.
Image: The S&P 500 is set for its worst day of trading since the COVID-19 pandemic. File pic: AP
By 8.30pm UK time (3.30pm EST), The Dow Jones Industrial Average was down 3.7%, the S&P 500 opened with a drop of 4.4%, and the Nasdaq composite was down 5.6%.
Compared to their values when Donald Trump was inaugurated, the three markets were down around 5.6%, 8.7% and 14.4%, respectively, according to LSEG.
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Worst one-day losses since COVID
As Wall Street trading ended at 9pm in the UK, two indexes had suffered their worst one-day losses since the COVID-19 pandemic.
The S&P 500 fell 4.85%, the Nasdaq dropped 6%, and the Dow Jones fell 4%.
It marks Nasdaq’s biggest daily percentage drop since March 2020 at the start of COVID, and the largest drop for the Dow Jones since June 2020.
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5:07
The latest numbers on tariffs
‘Trust in President Trump’
White House press secretary Karoline Leavitt told CNN earlier in the day that Mr Trump was “doubling down on his proven economic formula from his first term”.
“To anyone on Wall Street this morning, I would say trust in President Trump,” she told the broadcaster, adding: “This is indeed a national emergency… and it’s about time we have a president who actually does something about it.”
Later, the US president told reporters as he left the White House that “I think it’s going very well,” adding: “The markets are going to boom, the stock is going to boom, the country is going to boom.”
He later said on Air Force One that the UK is “happy” with its tariff – the lowest possible levy of 10% – and added he would be open to negotiations if other countries “offer something phenomenal”.
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3:27
How is the world reacting to Trump’s tariffs?
Economist warns of ‘spiral of doom’
The turbulence in the markets from Mr Trump’s tariffs “just left everybody in shock”, Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, told Reuters.
He added that the economy could go into recession as a result, saying that “a lot of the pain, will probably most acutely be felt in the US and that certainly would weigh on broader global growth as well”.
Meanwhile, chief investment officer at St James’s Place Justin Onuekwusi said that international retaliation is likely, even as “it’s clear countries will think about how to retaliate in a politically astute way”.
He warned: “Significant retaliation could lead to a tariff ‘spiral of doom’ that could be the growth shock that drags us into recession.”
It comes as the UK government published a long list of US products that could be subject to reciprocal tariffs – including golf clubs and golf balls.
Running to more than 400 pages, the list is part of a four-week-long consultation with British businesses and suggests whiskey, jeans, livestock, and chemical components.
Meanwhile, Prime Minister Sir Keir Starmer said on Thursday that the US president had launched a “new era” for global trade and that the UK will respond with “cool and calm heads”.
It also comes as Canadian Prime Minister Mark Carney announced a 25% tariff on all American-imported vehicles that are not compliant with the US-Mexico-Canada trade deal.
He added: “The 80-year period when the United States embraced the mantle of global economic leadership, when it forged alliances rooted in trust and mutual respect and championed the free and open exchange of goods and services, is over. This is a tragedy.”