Sterling and FTSE 100 gains on reports of Boris Johnson’s resignation on Thursday

Sterling pound It hit a session high on Thursday after several unconfirmed reports that Prime Minister Boris Johnson is about to resign.

The pound was up 0.35% against the US dollar to trade at $1.1971 around 9.25 am London time.

Meanwhile, the FTSE 100 The stock index rose 0.7% following reports that were not independently verified by CNBC or NBC News.

In the bond markets, the UK government for 10 years Bond yield It rose to 2.153%.

come next More than 50 deputies resigned From the Johnson government within 48 hours.

The prime minister has been under mounting pressure since Tuesday, when two heavyweight government ministries, the Minister of Health and Finance, resigned his position. This led to a series of departures from the government.

It comes on the heels of a cabinet that has been plagued by scandals and allegations of misleading the public, but the straw that broke the camel’s back for many MPs includes Conservative lawmaker Chris Pincher. The former vice president was suspended from work last week amid accusations that he groped two men while drunk at a private members’ club.

Johnson apologized on Tuesday for appointing Whip Pincher as party vice chair – a major role in the party – despite knowing of an investigation into his conduct in 2019.

The revelation that Johnson was aware of the allegations of misconduct led to the resignations of Chancellor Rishi Sunak and Health Minister Sajid Javid on Tuesday.

In his resignation speech to Parliament on Wednesday, Javid, who is also a former adviser, said that “treading the tightrope between loyalty and integrity has become impossible in recent months.”

Johnson narrowly escaped a confidence vote from Conservative Party MPs last month, but many of those who once supported his leadership have now ditched their support.

This is a breaking news story and will be updated soon.