The FTSE 100 closed up 0.27%, and the FTSE 250 was up 0.82% after Prime Minister Liz Truss resigned after 44 tumultuous days in office.
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In the wake of Truss’s departure, the pound hit a new high of $1.13.
Her departure triggers a leadership election, and it has been reported that Boris Johnson believes it’s in the ‘national interest’ that he should stand.
Tory Party chairman Jake Berry said: “We have acted quickly, we will continue to act quickly to ensure this country has the stability it requires.
“It is up to the members of parliament whether we have one or two candidates. If there are two candidates acting in the national interest our members can make their views known.”
Chris Beauchamp, chief market analyst at online trading firm IG said: “Liz Truss’ now becomes Britain’s shortest serving PM, but sterling seems content as, ironically, it likely cements Jeremy Hunt’s position as chancellor.
“Even the apparent resurrection of Boris as a political figure hasn’t unnerved markets particularly, since the fiscal plan is likely to remain in place as the government (whoever leads it) looks determined to repair Britain’s shaky position in the eyes of financial markets.”
Winners on the market today included coach company National Express (GB:NEX) which saw stock rise 1.74% thanks to rising revenues as consumers tighten their belts.
British business news today
Sterling and bond markets rally (Times)
Truss has made history for all the wrong reasons (FT)
Interest rates may not rise as high as feared, says Bank (Telegraph)
