Pound Live: Sterling rises against dollar as Trudeau defends against party coup | City & Business | Finance

The pound continues to rise against the dollar as Liz Truss tries to rally MPs amid infighting in the Conservative Party.

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

On Wednesday, Mrs Truss will try to unite her party behind her tax cut policies in a speech to the Conservative party conference in Birmingham.

Mrs Truss’s economic policies led to an upheaval in the Conservative Party. On Monday, the prime minister was forced to make a U-turn on plans to scrap the 45 percent tax rate after several top members of his party voiced opposition.

On Tuesday, a second rebellion erupted after Mrs Truss refused to raise benefits next year in line with inflation – something her predecessor Boris Johnson had promised.

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