Liz Truss resigns as Prime Minister

Liz Truss resigned after just 45 days in office, triggering a leadership contest taking place over the next week. Ms Truss, the shortest-serving PM in UK history, had been under pressure since announcing her much-criticised mini-budget several weeks ago. Despite appointing a new Chancellor and back-tracking many of the policies announced in the mini-budget, Ms Truss admitted: “Given the situation, I cannot deliver the mandate on which I was elected by the Conservative Party.”

Channel 4 presenter suspended after insulting minister

Channel 4’s Krishnan Guru-Murthy has been suspended for a week by Channel 4 News after he insulted Northern Ireland minister Steve Baker. Guru-Murthy was recorded using an offensive swear word in reference to the minister on Wednesday. Channel 4, which has a strict code for employees, said it “takes any breaches seriously.” Guru-Murthy said on Twitter he had “reached to Steve Baker to say sorry.”

The pound rises following Liz Truss’ resignation

Following Liz Truss’ speech, the pound rose to against the dollar, hitting $1.13 and then rising higher in the afternoon, before falling to $1.12. The pound fell to a record low against the dollar last month, and the markets are still very volatile. However, a strong pound is good for UK consumers as it means goods and services imported from overseas won’t be at an increased cost, which could be passed on to consumers, leading to price rises.

Special Harry Potter coins announced

To commemorate the 25th anniversary of Harry Potter and the Philosopher’s Stone, The Royal Mint is announcing special 50p coins. The first coins will feature Queen Elizabeth II on the back, with the next set, releasing next year, to have King Charles on.