Market Wire: Truss Resigns, Pound Climbs
Liz Truss has resigned, making her the shortest-serving prime minister in British political history. In a statement given outside Downing Street, she said she had assumed office at a time of “great economic and international instability” and, given the political situation, was unable to deliver on her electoral mandate, saying “I cannot deliver the mandate on which I was elected by the Conservative Party”. Truss will remain prime minister until a new leader is selected within the next week. The pound climbed ahead of the news, and gilt yields are down slightly as markets position for a more fiscally-responsible administration...