Following Liz Truss’ resignation as prime minister of the UK, the pound has started to strengthen versus the dollar.
This comes after some politicians demanded the struggling PM step down after just 44 days in office because she had failed to control the impact of the mini-budget and the Bank of England had scaled back its talks about raising interest rates.
The pound soared against the dollar to $1.13 as Mrs Truss declared she was resigning. The choice she made also caused a minor easing in UK government bonds.
Following Truss’ resignation as UK prime minister, the pound also gained 0.4% in early trade to $1.13.
Speaking from a podium in Downing Street, she said she informed the King of her resignation as Conservative Party leader because she realized she “cannot deliver the mandate” that the party’s members gave her.
Truss announced her resignation after a turbulent 44 days in office, during which she lost the support of Conservative MPs, the general public, and oversaw economic turmoil.
She is poised to hold the record for the shortest tenure as prime minister in history after fending off an open revolt from Conservatives demanding her resignation.
