$British Pound - main 2212(GBPmain)$

It's political mayhem in the UK with the resignation of Liz Truss who has the record of the shortest reign of any British Prime Minister.

In just 45 days, Liz Truss caused economic chaos in the UK with her tax policies of cutting taxes for businesses and high income that comes at a time when UK is undergoing high inflation, post Brexit Blues and soaring energy costs. 

Liz Truss styled herself to be like Margaret Thatcher but unfortunately she is not of the same calibre as Thatcher.  For starters she refused to appoint anyone into her cabinet that has not supported her campaign, leaving her with a limited pool of talent.  When her tax policies failed, she had to fire her chancellor and home secretary, the 2 most senior positions in the government below the Prime Minister. 

Her tax policies caused the British pound to plummet 20% against the US Dollar and the massive UK bonds sell off.  The Bank of England had to rescue the British pound by buying the bonds back.

UK is currently facing its worse economic crisis due to Brexit, Covid 19 pandemic, soaring inflation and Ukraine war.  It desperately needs a new Prime Minister who has the vision and strength to bring calm and restore the faith of its people.

The Top 2 contenders for the job are Rishi Sunak and Boris Johnson.  Rishi Sunak has excellent credentials as he was the former Chancellor of the Exchequer under Johnson.  He was educated in Oxford and Stanford University and worked for Goldman Sachs for a spell.    He had called Liz Truss' economic policies "fairy tale" and predicted that it would cause financial chaos.  If he wins, he would be the first Prime Minister of Asian origin to take office.

Boris Johnson was the previous Prime Minister who had to resign because he lost the support of his Cabinet due to Party gate.  Party gate was the scandal that happened when there were parties at 10 Downing Street while the British were under severe government imposed corona virus lockdown restrictions. 

It took 7 weeks to find a new Prime Minister when Johnson resigned but now it takes just 7 days to find another Prime Minister.  Results will be known on October 28. 

Let's hope the new Prime Minister will be able to have a firm steady hand and vision to guide the UK during this most challenging time.  

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