Sterling soars against the dollar as Truss defends against party coup

Redwood: Not in Government power to control pound

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The pound is continuing to climb against the dollar, as Liz Truss tries to rally MPs amid infighting in the Conservative Party. At the time of writing, one pound is worth $1.15, a significant increase from the record low figure of $1.03, which was reached for a brief period after Kwasi Kwarteng announced tax cuts for the rich in his mini-budget. On Wednesday, Ms Truss will attempt in her speech at the Conservative Party conference in Birmingham, to unite her party behind her tax-cutting policies, as the Tories continue to fall drastically behind Labour in the polls.

Ms Truss’s economic policies have led to upheaval in the Conservative Party. On Monday, the Prime Minister was forced to U-turn on plans to abolish the 45 percent tax rate, after several high-profile members of her party voiced opposition.

On Tuesday, a second rebellion broke out after Ms Truss refused to commit to uprating benefits in line with inflation next year – a policy that her predecessor Boris Johnson had promised. 

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KEY EVENTS

  • Sterling soars against the dollar as Truss defends against party coup08:18
  • Gordon Brown says there will be a ‘national uprising’ if benefits not raised in line with inflation

    Gordon Brown has said there will be a “national uprising” if the government goes through with the “immoral” decision not to raise benefits in line with inflation. 

    Discussing the government’s decision, the former Prime Minister said: “It’s divisive because we’re not in this together any more. It’s anti-work because 40% of those who would suffer are people on low pay in work. It’s anti-family because five million children would be in poverty.

    “And I think most of all it’s immoral. It’s asking the poor to bear the burden for the crisis that we face in this country and for mistakes that other people have made, and it’s a scar on the soul of our country, it’s a stain on our conscience.”

    Sterling soars against the dollar as Truss defends against party coup

    The pound is continuing to climb against the dollar, as Liz Truss tries to rally MPs amid infighting in the Conservative Party.

    At the time of writing, one pound is worth $1.15, a significant increase from the record low figure of $1.03, which was reached for a brief period after Kwasi Kwarteng announced tax cuts for the rich in his mini-budget.

    On Wednesday, Ms Truss will attempt in her speech at the Conservative Party conference in Birmingham, to unite her party behind her tax-cutting policies, as the Tories continue to fall drastically behind Labour in the polls.

    Ms Truss’s economic policies have led to upheaval in the Conservative Party. On Monday, the Prime Minister was forced to U-turn on plans to abolish the 45 percent tax rate, after several high-profile members of her party voiced opposition.

    On Tuesday, a second rebellion broke out after Ms Truss refused to commit to uprating benefits in line with inflation next year – a policy that her predecessor Boris Johnson had promised. 

    Good morning

    Good morning, I’m Olivia Stringer and I’ll be bringing you all the latest developments on the pound for the next eight hours. Please feel free to get in touch with me as I work if you have a story or tips to share! Your thoughts are always welcome.

    Email: [email protected]chplc.com 

    Twitter: @Livstringer_

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