UK Prime Minister Theresa May delivered a successful speech in Birmingham. Contrary to the mishaps in the previous Conservative Conference, the PM came on top. She delivered an impressive call for unity in a statement that touched on many aspects.

Markets care about Brexit, and they did not hear the desired message. May repeated her stance that no-deal is better than a bad deal and that Britain is not afraid to leave the EU without an agreement.

Markets also did not like what she did not say. The leader did not offer any compromises on the Irish border, the thorniest sticking point in the negotiations with the EU. The lack of any groundbreaking news sent the Pound slightly lower in a knee-jerk reaction.

Rebellion crushed

There was another thing that did not happen at the four-day annual event. There was no serious rebellion. Former Foreign Minister Boris Johnson delivered a highly-anticipated speech at a fringe event on Tuesday. After putting up a good show and criticizing May’s Chequers proposal, the leading contender ended his discourse by calling members to support the PM.

Is Johnson laying the ground for a mutiny later on if May moves on with her plan? Perhaps. Yet there is an easier explanation of his behavior. He just does not command enough support among the Members of Parliament to dethrone her.

Just an hour before May took to the stage, a backbench MP in her party called for a no-confidence vote against her. James Duddridge sent an official letter to the 1922 Committee. However, he was not backed by anybody else.

All in all, even without the successful speech, May came out on top.

She now has more maneuvering power within her party.

Next up: a climbdown?

After settling the score with her rivals, May can push forward with a desire to make Brexit a success. What would consist of a victory? Hard-Brexiteers would say a “clean” exit from the EU. However, this would inflict significant economic wounds on the economy and voters will be angry.