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British Pound strengthens on the news of Liz Truss resignation. FTSE 100 improves marginally.
🎞️ · 25.10.2022 · 01:17:51 ··· Dienstag ⭐ 0 🎬 0
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🎬 · 25.10.2022 · 01:17:51 ··· Dienstag
😎 · 03.07.2024 · 15:40:29 ··· MiTTwoch
British Prime Minister Liz Truss announced her resignation. The statement came after her meeting with Graham Brady, chairman of the 1922 Committee, which represents the Conservative party's parliamentary faction. According to the BBC, Brady told the prime minister that she could no longer count on the support of a majority Tory MP. And after Lisa repeatedly stated that she was not going to leave, she still had to leave. She, as they say, left her own party colleagues. And it was both funny, and bitter, and painful. But the pain will be felt by British citizens for a very long time to come. In her very short period of just over forty days, Lisa managed to depreciate the national currency, the pound sterling, collapse the securities market, raise mortgage rates for everyone, increase inflation, disgrace the country as a reliable center for investment and business, change the Minister of Finance once again, and bring the country to a complete crisis, political and economic.
Of the less toxic achievements of an outgoing prime minister, Liz Truss broke the record for the shortest tenure as prime minister of the country, which lasted 195 years: in 1827, Prime Minister George Canning died 119 days after taking office. Liz Truss took up her duties on September 5 this year. Its main problem was attempts to implement reforms in the field of taxation, which provoked a sharp drop in the stock market, the national currency and confidence in the government. In an attempt to solve the lingering problem, Truss fired Treasury Secretary Quasi Kwarteng and appointed Jeremy Hunt, a vocal opponent of reform, to replace him.
Many members of the party openly opposed the prime minister, and her position became almost hopeless after the resignation of the Minister of the Interior, Suella Braverman. The official reason for the resignation was a violation of security rules (the politician sent official documentation from her personal mailbox), but in her letter, Braverman noted that the government of Liz Truss violated election promises.
After British Prime Minister Liz Truss announced her resignation, the pound sterling slightly strengthened its position. The leading index of the British Stock Exchange FTSE 100 rose by 0.1%, while the yield on 30-year government bonds fell to 3.94%.
Despite the fact that Truss leaves the country without a leader during a serious economic crisis, financial markets, according to experts, still felt relieved. However, they are still in a state of uncertainty and are not likely to stabilize until trust in the government is restored. For the moment, firms are delaying investments because of the chaos within the party and are waiting for a credible budget plan, at least in the short term.
· 25.10.2022 · 01:17:51 ··· Dienstag
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