British Prime Minister Boris Johnson said on Wednesday that he is not going to step down from his position and argued that the last thing the UK needs is an election, per Reuters.

Meanwhile, several news outlets are reporting that the Conservative Party's 1022 Committee have altered the rules around party leadership. This development suggests that Johnson could face another no-confidence vote regardless of the grace period.

Market reaction

These comments don't seem to be having a noticeable impact on the British pound's performance against its rivals. As of writing, the GBP/USD pair was down 0.45% on the day at 1.1902.