UK: Johnson’s party to hold election before changing rules

The UK’s 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.

The British pound is having hard times 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.

British Prime Minister Boris Johnson said on Wednesday that he is not going to step down from his position and argued that the last thing the UK needs is an election, per Reuters.

Several news outlets are reporting that the Conservative Party’s 1022 Committee have altered the rules around party leadership. This development suggests that Johnson could face another no-confidence vote regardless of the grace period.