Pound holds floor as Rishi Sunak leads race to grow to be UK prime minister

London
CNN Business
 — 

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 their other task — shepherding the country through a recession — is poised to be just as daunting.

Rishi Sunak emerged over the weekend as the clear front-runner in the dramatic race to replace Liz Truss, who’s set to be the shortest-serving prime minister in UK history. He could be confirmed as the next UK leader as early as 9 a.m. ET.

The pound initially rose against the US dollar as Sunak’s path to power cleared with the withdrawal of Boris Johnson, while yields on benchmark 10-year UK bonds, which move opposite prices, dropped. The rally lost momentum later in the morning.

“Investors clearly hope Sunak will stabilize the economy and the political situation — though it’s…

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