By Ashley Finill
Last night saw another blow dealt to Boris Johnson when two by-elections were held in the UK, which saw the Labour party and Liberal Democrats gain Conservative held areas. The Conservatives saw a majority of 40.6 in the Devon seat of Tiverton and Honiton evaporate overnight. In Wakefield, the Labour constituency that was won by the Conservatives in 2019 was taken back by the Labour party again last night. Following these results the Conservative party chairman Oliver Dowden resigned, in his letter of resignation he was quoted as saying “We cannot carry on with business as usual”. This could very well be a damning blow for the prime minister with the pressure already mounting on his position. He vowed to continue on this morning, following the resignation of Dowden. Boris has been asked to consider his position by Conservative MP’s recently, however he has come back and said he is to “keep going until they get through this patch”. More news this morning coming out of Number 10, that there is due to be a cabinet reshuffle following resignations after last night’s results.
Inflation has continued to rise in the UK over the past month. On Wednesday, the inflation figure for the UK was announced at 9.1% – this is up 0.1% from last month’s reading of 9%. Inflation is still at 40-year highs and with prices continuing to rise in the UK it looks like the economy in the UK may get worse before it gets better. With Energy prices looking set again to rise in October, Petrol prices nearly reaching £2 a litre and the AA reporting that further rises are on the horizon and food prices soaring, it is really being felt by the citizens of the UK. With the Economy performing so poorly, it has had quite a negative impact on Sterling, seeing losses against both the Euro and US dollar over the past few months. There have been signs of slight recovery for the Pound against the Euro, but with every rise has seen a sharp fall thereafter, with Economy Data releases crippling the Pound.
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