Boris Johnson resignation: Pound starts trading stronger ahead of PM's resignation
Boris' departure is good news for the pound
The pound has started trading stronger in the wake of news that Boris Johnson is set to resign as prime minister on Thursday.
The currency is up 0.6 per cent at 1.198 US dollars and 0.4 per cent stronger at 1.174 euros after hitting a two-year low against the dollar on Tuesday, Metro reports.
The spike comes after an unsettled few days in British politics which has seen Johnson's cabinet collapse over his handling of the Chris Pincher scandal.
Johnson is quitting after ministers and MPs made clear his position was untenable and is expected to confirm his resignation in a speech before midday. He is expected to announce that he wants to remain in post until autumn.
- Boris Johnson: The Prime Minister has agreed to stand down
- Newsnight replaces end credits with list of ministerial resignations set to Bittersweet Symphony
- Rishi Sunak has resigned as Chancellor of the Exchequer
- Boris Johnson told 'in person' of Chris Pincher allegations in 2019, senior civil servant claims
- Chris Pincher: There is no current investigation into alleged groper, PM's spokesperson says
- Sir Keir Starmer categorically rules out rejoining the European Union