Boris Johnson to resign, U.K. media say, sending pound modestly higher

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The British pound rose early Thursday as the BBC and other U.K. media reported that Prime Minister Boris Johnson is expected to resign imminently. The pound rose 0.4% to $1.1978, in a week that has thus far seen dozens of Conservative cabinet members resign in protest over Johnson’s flip-flopping around a sexual harrassment scandal. The BBC reported that Johnson will resign as Conservative leader, but continue as prime minister until autumn. A campaign to replace Johnson will take place this summer, with a new leader ready in time for the October Tory party conference, the BBC said.

This article was originally published by Marketwatch.com. Read the original article here.

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