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Rishi Sunak will not attend the Conservative Party conference this year.<\/p>\n
The former Chancellor reportedly plans to be in Yorkshire instead.<\/p>\n
An ally of Mr Sunak told the Sunday Times he plans to give UK Prime Minister Liz Truss “all the space she needs to own the moment”.<\/p>\n
The Conservative Party Conference is taking place in Birmingham from October 2 to 5.<\/p>\n
Ms Truss has had a turbulent start to her time in office after the Chancellor’s mini-budget caused the pound to fall to a record low against the dollar.<\/p>\n
On Monday morning, borrowing costs reached their highest levels since August 2008.<\/p>\n
US investment bank J P Morgan said the plummeting pound exposed a “broader loss of investor confidence in the government’s approach”.<\/p>\n
Meanwhile, Citi said the Chancellor’s tax giveaway, which is the biggest of its kind since 1972, risked causing a “confidence crisis in sterling”.<\/p>\n
Responding to the developments, Mr Kwarteng told the BBC: “As chancellor of the exchequer, I don’t comment on market movements.<\/p>\n
“What I am focused on is growing the economy and making sure that Britain is an attractive place to invest”<\/p>\n
UPDATES TO FOLLOW…<\/p>\n