Liz Truss Resigns and the Pound falls in value against the Euro and US Dollar

GBP USD Drops to 1.17 as UK Await Boris Johnson Successor

Liz Truss Stands Down

After what has been the shortest reign in history for a British Prime Minister, Liz Truss finally resigned yesterday afternoon.

The Pound Sterling exchange rate remained relatively stable during yesterday’s trading session as its likely the market had priced in the decision for Liz Truss to step down.

However, as of Friday morning the Pound had really felt the impact of the uncertainty as to who could come and take the leadership in her place.

Boris Johnson has been touted now as one of the favourites to come back which may surprise many of the British public.

Tory MPs have already started to endorse some of the prospective candidates.

The leadership result is due to be announced next Friday and this will hopefully allow enough time for the new Prime Minister to be able to announce the Fiscal Plan due at the end of the month.

Rishi Sunak has also been touted as another contender after failing to beat Truss in the previous round.

Sunak has some senior politicians as his backers including Dominic Raab who has previously deputy Prime Minister under Boris Johnson.

Current Chancellor of the Exchequer Jeremy Hunt has also put his support behind Rishi Sunak claiming support for his integrity.

The impact over the next few days in terms of the currency markets is likely to cause a lot of volatility as we get closer to knowing the result at the end of next week so make sure you’re prepared to act quickly if you’re looking to make a currency transfer.

I have personally worked for one of the UK’s leading currency brokers for over 19 years and I’m confident of being able to offer you bank beating exchange rates.

For a free quote please contact me directly and I look forward to hearing from you.

Tom Holian [email protected]