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USDZAR United States Dollar vs South African Rand

18.7632
-0.2711 (-1.42%)
Last Updated: 22:01:21
Delayed by 15 minutes
Name Symbol Market Type
United States Dollar vs South African Rand FX:USDZAR Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.2711 -1.42% 18.7632 18.55911 18.96019 19.0965 18.7218 19.0357 0 22:01:21

Gove Says Standing For Tory Leadership Out Of Conviction

01/07/2016 9:36am

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Michael Gove, a surprise candidate for the Tory Leadership and new U.K. Prime Minister, said Friday that he was in the fray out of conviction.

In a speech made to make his case for the top position, Gove said, "I had to stand up for my convictions."

The Justice Secretary, who campaigned for the U.K. to leave the European Union, surprised many on Thursday when he threw his hat into the ring, after repeatedly saying that he did not want to become the PM.

He was widely expected to back former London Mayor and lead "Leave" campaigner Boris Johnson, who bowed out of the race after the former's surprise bid.

In the June 23 referendum, 52 percent of Britons voted to leave the EU.

A day after, Prime Minister David Cameron, who had passionately campaigned for the country to remain in the EU, said he will step down in October and the exit negotiations should take place under a new PM.

The U.K. needed a leader who both believed in a new path and who could build and lead a united team to guide through the challenges ahead, Gove said.

"I believed that Boris Johnson - who had campaigned alongside me with such energy and enthusiasm - could build and lead that team," he said.

"...But I came to realise this week that, for all Boris's formidable talents, he was not the right person for the task."

The days ahead will not be easy for the U.K., Gove said, adding that he will be guided by principle and govern as "captain of a team".

"This country voted for change - and I am going to deliver it," Gove said.

"...I am the candidate for change."

The Conservative politician noted that he has been driven by conviction, and not ambition, throughout his career. He also claimed to have "the burning desire to transform" the country.

Elsewhere on Friday, the BBC reported, citing sources, that ministers are urging Gove to withdraw from the race and allow the party to unite behind Home Secretary Theresa May, a "Remain" campaigner.

However, Gove said, "The best person to lead Britain out of the European Union is someone who argued to get Britain out of the European Union."

"That is best for the country - to retain the trust of millions of voters -and it is best for the Conservative party too," he added.

Thus far, most of the 329 Tory members of parliament have backed May, signaling that she is likely to remain in the lead ahead of the first round of voting next Tuesday. The winner will be announced on September 9.

Others who are in the race are the Works and Pensions Secretary Stephen Crabb, former defence secretary Liam Fox, and "Leave" campaigner and junior minister Andrea Leadsom.

By leading the U.K. out of the EU, Gove promised to end free movement and to introduce an Australian-style points-based system for immigration, and bring numbers down.

He also asserted that the money currently being contributed to Brussels will be channeled mainly to the NHS and to cut VAT on domestic fuel.

Responding to reporters, Gove said the Article 50 of the Treaty of EU that governs the exit process is unlikely to be triggered before the end of this year.

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