The beleaguered UK PM Liz Truss says she will resign. Her term started on September 6.
- The leadership will be completed in the next week
- Will remain in place until a new leader is chosen
The prime minister with the total shortest period in office was George Canning, whose sole term lasted 119 days from 12 April 1827 until his death on 8 August 1827.
The GBPUSD has backed off the high for the day and trades right around the 100 hour MA at 1.12749. The price of the GBPUSD was trading around 1.11511 at the start of her term. It moved to a record low at 1.0353 as the markets reacted negatively to her mini-budget tax and relief plan which was unfunded and sent yields higher. That plan was taken completely back, and it is the changing of her mind and flip flops which was just as damaging to her as her policies.
The forced resignation was inevitable.
According to reports Jeremy Hunt will not stand in the conservative leadership contest.
There is some rumblings that Boris Johnson might be resurrected from the dead as a potential successor.
There is now formal schedule as far as the transition so far, but could be done as quickly as at the end of next week. .