- October 24, 2022
- Posted by: Stratford Team
- Category: Economy
London
CNN Business
—
Rishi Sunak, Britain’s third prime minister in seven weeks, will face the huge challenge of projecting stability after a period of historic political and financial market chaos. But his other task — shepherding the country through a recession — is poised to be just as daunting.
The former finance minister has won the race to replace Liz Truss, his erstwhile opponent who’s set to be the shortest-serving prime minister in British history. He’ll officially step into the role once appointed by King Charles III.
Investors cautiously welcomed the news. The pound moved in and out of the red against the US dollar on Monday. It was last trading above $1.13, about 0.1% higher. Yields on benchmark 10-year UK bonds, which move opposite prices, fell to 3.76%. The FTSE 250 index of mid-size UK companies gained 1.1%.
Sunak…
