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The Pound "says goodbye" to the prime minister


24 October 2022

The British pound sterling is down against the US dollar on Friday. The current quote in GBPUSD is 1.1190. So, another political intrigue in the UK has been resolved. Prime Minister Liz Truss has resigned over the consequences of the economic programme she was promoting. "A 'split' in the ranks of the Conservative Party is unusual in itself. But when you remember that Truss proposed to reduce taxes by increasing the national debt and at the same time reducing confidence in the British economy in general, everything falls into place.

Truss' resignation came a day after the minister of the interior stepped down. Earlier, the finance minister had left their post. For now the political debate and the search for a new head of government will remain the "focus" of market attention.

At the same time, it is worth keeping an eye on what the Bank of England will do now. Earlier comments were made by its representatives that rates might not rise as quickly as the markets would like them to. The English regulator is facing a fantastically difficult task in reducing inflationary pressures. The consumer price index has reached double digits and for conservative England this is a huge "stress".

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