The 1922 committee announced that the first ballot of MPs in the Conservative Party's leadership election will be held on Monday 24th, between 3:30 PM and 5:30 PM UK time.

Candidates competing to become Britain's next prime minister will need the backing of 100 Conservative Party lawmakers to get on the ballot on Monday, organisers said.

If two candidates emerge, they will go to an online vote of members of the wider Conservative Party, with the winner declared by next Friday.

Candidates competing to become Britain's next prime minister will need the backing of 100 Conservative Party lawmakers to get on the ballot on Monday, organisers said.

If two candidates emerge, they will go to an online vote of members of the wider Conservative Party.

GBP/USD update

The British pound fell to a low of 1.1171 on  Thursday, after Liz Truss announced she was resigning as British Prime Minister while investors rushed for safety amid concerns over fiscal uncertainty in Britain and prospects of aggressive US Federal Reserve interest rate hikes.

At the time of writing, GBP/USD is trading at 1.1227 and is 0.1% higher amid market volatility.

On the macro front, Britain's annual rate of consumer price inflation inched up to 10.1% last month, returning to a 40-year high and beating market forecasts, while the core rate hit an all-time high of 6.5%. The Bank of England is seen stepping up its interest rate hiking campaign next month to combat inflation, despite ongoing recession risks.