Boris Johnson resignation: Pound starts trading stronger ahead of PM’s resignation

Boris' departure is good news for the pound

The pound has started trading stronger in the wake of news that Boris Johnson is set to resign as prime minister on Thursday. The currency is up 0.6 per cent at 1.198 US dollars and 0.4 per cent stronger at 1.174 euros after hitting a two-year low against the dollar on Tuesday, Metro reports. The spike comes after an unsettled few days in British politics which has seen Johnson's cabinet collapse over his handling of the Chris Pincher scandal. Johnson is quitting after ministers and MPs made clear his position was untenable and is expected to confirm his resignation in a speech before midday. He is expected to announce that he wants to remain in post until autumn.

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