The weakening pound held steady against the dollar and the euro on Monday, with Truss’ victory already factored into the equation, and with rising inflation and fuel prices weighing on the currency.
The pound was worth $1.15 and 1.16 euros in early afternoon trading, following the announcement. Earlier in the day, it dipped to an historic low of $1.14 during trading in Asia.
Foreign Secretary Liz Truss delivers an acceptance speech at the Queen Elizabeth II Conference Centre in Westminster after being announced the winner of the Conservative Party leadership contest in London. Her government is expected to spend more money on helping families and businesses with fuel costs than Johnson’s government spent on furlough payments during COVID-19. She has pledged 100 billion pounds in public funds on the scheme, which is set to be unveiled within the week.
Truss also expressed her confidence that the Conservative Party would win the next general election in 2024, despite the many challenges government now faces, with multiple pressures on the economy, and British citizens.
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