Pound rises after Boris Johnson’s no-confidence vote announced

• The pound is gaining ground versus the euro and the dollar.
• The pound increased by 0.6 percent to 1.26 US dollars and 0.4 percent to 1.17 euros..
• If the PM loses, the UK’s economy ‘may get a lift and reverse some of the recent negative.’

The pound is gaining ground versus the euro and the dollar after it was revealed that Boris Johnson would face a vote of confidence.

The pound increased by 0.6 percent to 1.26 US dollars and 0.4 percent to 1.17 euros.

If the PM loses, according to financial expert Victoria Scholar, the UK’s economy ‘may get a lift and reverse some of the recent negative.’

Read more: GBP TO PKR: Today’s British Pound to PKR rates on, June 6, 2022

‘The pound will be watched intently this evening, with above-average volatility likely around tonight’s decision,’ said Interactive Investor’s head of investment.

The vote was formally called after at least 15% of Tory MPs signed letters of no confidence.

Senior Conservatives are already lining up to publicly declare their opposition to the Prime Minister.

Read more: Boris Johnson is facing a vote of no confidence

Jeremy Hunt, who ran for the party leadership in 2019, predicted that if Mr Johnson remained in office, the Conservatives would lose the next election.

The former foreign secretary said: ‘Anyone who believes our country is stronger, fairer and more prosperous when led by Conservatives should reflect that the consequence of not changing will be to hand the country to others who do not share those values.

‘Today’s decision is change or lose. I will be voting for change.’

Read more: G7 seeks to reintroduce grain exports: PM Boris Johnson