Sterling soars against the dollar as Truss defends against party coup

The pound is continuing to climb against the dollar, as Liz Truss tries to rally MPs amid infighting in the Conservative Party.

At the time of writing, one pound is worth $1.15, a significant increase from the record low figure of $1.03, which was reached for a brief period after Kwasi Kwarteng announced tax cuts for the rich in his mini-budget.

On Wednesday, Ms Truss will attempt in her speech at the Conservative Party conference in Birmingham, to unite her party behind her tax-cutting policies, as the Tories continue to fall drastically behind Labour in the polls.

Ms Truss’s economic policies have led to upheaval in the Conservative Party. On Monday, the Prime Minister was forced to U-turn on plans to abolish the 45 percent tax rate, after several high-profile members of her party voiced opposition.

On Tuesday, a second rebellion broke out after Ms Truss refused to commit to uprating benefits in line with inflation next year – a policy that her predecessor Boris Johnson had promised. 

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