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Race for Britain’s Brexit PM heats up after Boris bows out

– ‘Uncomfortable truth’ –

After an 11-minute speech trumpeting his achievements and outlining his vision for Britain, Johnson left the punchline for the end.

“Having consulted colleagues and in view of the circumstances in parliament, I’ve concluded that person cannot be me,” he told shocked supporters.

Observers were left stunned by the dizzying events in the corridors of power, where opposition Labour leader Jeremy Corbyn is clinging on to his job despite a mass revolt by his party’s MPs.

The veteran socialist has been accused of not campaigning hard enough to stay in the EU, but insists he still has the support of party members.

As the political drama played out, Bank of England governor Mark Carney warned about “heightened uncertainty”, noting the potential for increased unemployment and spillover to the global economy.

“One uncomfortable truth is that there are limits to what the Bank of England can do,” he added.

He extended emergency liquidity loans for banks until September and hinted at possible interest rate cuts, sending the pound tumbling further against the euro.

Sterling also fell against the dollar, although it was up from the 31-year low it touched on Monday.

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However, stocks in London, Paris and Frankfurt rallied for a third straight day, while Tokyo shares rose early Friday as worries over the economic impact of Brexit diminished.

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