UK: 1922 Committee to hold election before possibly changing rules on confidence votes

Citing three Conservative lawmakers, Reuters reported on Monday that the Conservative Party's 1922 Committee will hold an internal election of a new executive next Monday.

The new executive will decide whether to change the rules surrounding the grace period following the no-confidence vote.

Market reaction

The British pound is having a difficult time staging a recovery amid political jitters. The GBP/USD pair, which touched its lowest level since March 2020 at 1.1876 earlier in the day, was last seen losing 0.45% on the day at 1.1905.