UK Politics: Liz Truss and Rishi Sunak move on to final round

Following Wednesday's voting, Penny Mordaunt has been knocked out of the Conservative leadership contest, leaving Rishi Sunak and Liz Truss to face each other in the run-off to replace Boris Johnson.

The winner of the final round is expected to be announced on Monday, September 5, following a postal ballot completed by 160,000 Tory party members.

Market reaction

This development doesn't seem to be having an impact on the British pound's valuation. As of writing, GBP/USD was trading flat on the day at 1.1995.