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The pound has soared in a sign of market celebration following Liz Truss’s resignation as Prime Minister. This comes after a month of economic calamity.
Sterling touched $1.13 at one moment following Ms Truss’s statement outside Number 10.
After just six weeks in the job, the outgoing Prime Minister told the nation: “I recognise… given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.
“I have therefore spoken to His Majesty the King, to notify him that I am resigning as leader of the Conservative Party.”
After making its initial gains, sterling began to slip back again.
He signalled that the City has welcomed the news Ms Truss will shortly depart from Number 10.
Mr Wilson, quoted in Reuters, said: “But the initial reaction seemed very appropriate as the market has acted as judge, jury and executioner for the Truss regime.”
A week-long Tory leadership election will now follow Ms Truss’s speech.
Reports suggest it is unlikely the selection of the next Prime Minister will not be a matter on which the Tory membership can vote.
1922 Committee Chairman Sir Graham Brady has confirmed that the next fiscal event will still go ahead on October 31, which the Bank of England is expected shortly after to respond to.
Ms Truss also said in her statement that her exit date “will ensure that we remain on a path to deliver our fiscal plan and maintain our country’s economic stability and national security”.
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