The pound has begun to rise against the dollar following Liz Truss’s resignation as UK’s Prime Minister.
It came after some politicians called for the embattled PM to resign after just 44 days in office after she lost her battle to contain the fallout from the mini-budget and the Bank of England cooled its rate-rising rhetoric.
As Mrs. Truss announced she was going the pound rocketed against the dollar to hit $1.13. UK government bonds also eased slightly in response to her decision.
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Sterling also rose 0.4% in early trade to $1.13 after Truss resigned as prime minister of the UK.
Speaking from a lectern in Downing Street, she said she told the King she was resigning as the leader of the Conservative Party as she recognised she “cannot deliver the mandate” that Tory members gave her.
Truss stepped down after a tumultuous 44 days in office during which she lost the confidence of Conservative MPs, the public and oversaw economic turbulence.
She is set to become the shortest-serving Prime Minister in history after she battled an open revolt from Conservatives demanding her departure.
Around 12 Conservative MPs have called on her to resign, including Miriam Cates who is a member of the 1922 committee executive, who said that “it seems untenable . . . and yes, I do think it’s time for the prime minister to go.” Truss also met with Sir Graham Brady, chair of the 1922 committee, on Thursday.
