Pound Continues to Surge and New PM Delays the Recent Budget

ByEdward Thompson

Nov 1, 2022

The UK is currently going through what many are calling a golden streak. Along with becoming one of the biggest countries in the world with regards to cryptocurrencies, it is safe to say that it is especially welcoming to the DeFi space.

However, other than decentralized markets, UK Forex prices are rising by a significant margin following the exit of the recent Prime Minister Lizz Truss. After just 45 days in office, the PM resigned from her position following a slew of bad decisions and policies.

As nearly the entire country managed to grow tired of the strange policies that the PM was releasing, even her allies in the conservative party moved away from her. So after just 2 months in office, PM Truss will be exiting the high chair of the UK parliament, leaving he seat open to a new PM.

As the conservative party looks to bring in a fresh new face to represent the party’s values better, they have decided on none other than Rashi Sunak. While the previously appointed Finance Minister under Boris Johnson was running for the position against Lizz Truss, he finally managed to get his chance to become Britain’s first ethnically diverse PM.

Pound Continues to Grow

The exit of Lizz Truss had an almost immediate effect on various financial markets, as stock prices and Forex prices almost immediately started to rise. But unlike other small rallies that would eventually die down, that has not been the case with the most recent rally.

Instead, over the past week, the UK pound has managed to extend its gains and has yet to falter so far. Throughout the week so far, the price for the pound has managed to increase by an incredible the 2.3%, despite and there are still more days to go. If the trend continues, investors could be seeing a major surge,

The Many Challenges that the New PM Faces

To say that Rishi Sunak has taken office in a very difficult position throughout the country would be an understatement. The series of challenges that are before him are mainly to address the many issues that came as a result of the previous PM’s poor choices.

The failed fiscal plan along with other administrative decisions remains some of the most controversial decisions that she made during her short tenure. Furthermore, there is also increased pressure on him to stay the current prime minister, as the country has shuffled between three prime ministers in just 60 days.

A New Age for UK Finance

Along with being possibly the best time for the UK in various types of financial markets, the truth is that this also a test since many are willing to see just how well the market will be able to perform.

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