The UK’s political crisis reached unthinkable lows last night following extraordinary scenes at a fracking vote last night and resignations by senior tories.
Sterling was trader’s market of choice for the ongoing debacle in Westminster once more as GBP/USD fell below 1.1200 in early trade on Thursday.
Political commentators including ITV’s Robert Peston took to Twitter to slam the utter chaos in parliament last night.
Now that it is over, I can say I have never known a say of such chaos and confusion in UK politics. Just crazy
— Robert Peston (@Peston) October 19, 2022
Liz Truss was met with fish call for her to resign on Thursday and some Tory back benchers saying she had only hours left to salvage her leadership.
Just days after Jeremy Hunt’s efforts to steady markets, a situation of their own creation saw the government plunged into chaos and the markets reacted accordingly.
The FTSE 100 was down with the pound and UK 10-years Bond Yields crept higher.