Rishi Sunak is set to become Britain's next PM - but does that mean the country's economic rollercoaster ride is coming to an end? EdConwaySky looks at how the markets have fluctuated since the mini-budget. Latest: 📺 Sky 501, Virgin 602 and YouTube
The financial markets appear to have welcomed news that Rishi Sunak will be the UK's next prime minister.
The pound was up 0.15% against the US dollar just moments after Sir Graham Brady, chairman of the 1922 committee, said thatOn Friday afternoon, the pound had been hovering around $1.11, as Boris Johnson appeared to be planning a political comeback in a challenge to Mr Sunak.When trading opened in government bonds earlier on Monday, they quickly rallied, as it became clear that Mr Sunak was likely to be unopposed, with the implied interest rate on these bonds dropping sharply.
The FTSE 100 is up just over 1%, while the more domestically-focused FTSE 250 is up 1.25% over the day.
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