Sterling strengthened on Monday, finding short-term relief from the prospect of the former finance minister Rishi Sunak to become the next Prime Minister of Britain after his departure Boris Johnson from the race.
THE pound it rose to $1.1402 in Asian trade, before paring gains to settle at $1.1323. The pound’s movements against the euro were sharper, with the single currency down 0.5% to 86.84 pence. Sunak, who has the support of about 150 MPs, may be named the party’s new leader, perhaps within the day, replacing her Liz Truss and thus become the third Prime Minister of Britain in less than two months.
The former prime minister Boris Johnson he rushed back to London from his Caribbean holiday to see if he would be able to join the proceedings. However, he stated yesterday that while he had secured the necessary support in order to participate in the vote among the members of the Conservative party, he realized that he could not be able to govern effectively “if you don’t have a united party in Parliament».
Source: News Beast

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