The race to be Conservative Party Leader has got under way in earnest, with eight candidates passing the first test of gaining the support of at least twenty Members of Parliament.

The two most significant fallers at the first hurdle were Transport Secretary Grant Schapps and one of the two Cabinet Ministers who are seen as the instigators of Boris Johnson’s position becoming untenable, Sajid Javid.

The leaders in the race are former Chancellor, Rishi Sunak, and current Foreign Secretary Liz Truss. Schapps and current Deputy Prime Minister Dominic Raab have declared their support for Sunak while Leader of the House, Jacob Rees-Mogg, favours Truss.

The first vote will take place at 1.30pm today, candidates required to receive a minimum of thirty votes to be able to remain in the race, although the one placed last will be dropped. A similar vote will take place tomorrow, with a third, if necessary, taking place on Monday.

The new Prime Minister will have a full slate of issues to deal with from day one when he or she takes over in September. Brexit and the Northern Ireland Protocol are still in need of clarity, while the cost-of-living crisis is unlikely to have abated, especially since the Chairman of Ofwat the electricity regulator spoke recently of the fact that the expected increase of £850 that was expected in the energy cap in the Autumn is likely to be nearer £1,200.

Beyond Currency Market Commentary:

Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.