UK Travellers – GBP rises as PM Liz Truss resigns – the Brexiteer who took over from Boris Johnson a mere six weeks ago, announced shockingly on Thursday that she was to resign, following weeks of criticism from her opponents and members of her own Conservative Party and the resignation of two of her top Cabinet picks.
Outgoing PM Liz Truss now claims the record for the shortest serving prime minister in Britain’s history, and a leadership election will be completed within the next week to replace Liz Truss. Previously, George Canning previously held the record, serving 119 days in 1827, when he died.
The exchange rates & remittance rates markets reacted quickly to the news of Prime Minister Liz Truss’s resignation
Sterling hit $1.13 as Ms Liz Truss made her announcement, and rose higher in the afternoon before falling back to $1.12 against the greenback dollar.
A fall in the value of the pound increases the price of goods and services imported in to the UK from overseas – because when the pound is weak against the dollar or euro, for example, it costs more for companies in the UK to buy things such as food, raw materials or parts from abroad.
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Read more about UK Travellers – GBP rises as PM Liz Truss resigns at https://edition.cnn.com/2022/10/20/uk/liz-truss-resigns-analysis-intl-gbr-cmd/index.html