UK PM: Financial markets are calm, with Rishi Sunak poised to take over

image copyright GettyImages

photo comment,

Last month, the price of the pound sterling recorded a record low against the price of the dollar

Financial markets showed calm reactions as former British Chancellor of the Exchequer Rishi Sunak won the leadership of the ruling Conservative Party and headed for the post of British Prime Minister.

The pound sterling was broadly unchanged against the dollar on Monday afternoon, and government borrowing costs remained low after the majority leader in the British House of Commons, Penny Mordaunt, withdrew from the Conservative leadership race.

The pound sterling earlier recorded a rise near $1.14, before recording a decline.

Last month, the British currency hit a record low against the dollar, and government borrowing costs rose sharply in the wake of the mini-budget announced by retired prime minister Liz Trace.

Leave a Comment