The pound sterling against the dollar slightly slowed down growth after the news of the resignation of British Prime Minister Liz Truss, at which the national currency collapsed to a historic low, Report informs referring to the auction data.
The pound rose to $1.1256 from the previous close of $1.1214. Prior to Truss’ announcement, the pound rose to $1.13.
At the same time, during Truss’ tenure, the pound hit a new all-time low of $1.0384. Analysts attributed the fall to the intention of the now former head of the Ministry of Finance to cancel the increase in corporate income tax to 25% from the previous 19%.
Truss on October 20 said she was stepping down, less than two months after her appointment as leader of the Conservative Party and head of the British government. Truss also stated that she would remain prime minister until her successor was chosen. Elections in the UK will be held next week.