In case you missed it, the Tories suffered two losses in by-elections yesterday. Labour won back Wakefield, which was seized among the ‘red wall’ seat back in 2019. Meanwhile, Lib Dems took Tiverton and Honiton with a 30% swing in votes.

It is a major upset for Boris Johnson but it arguably highlights the growing discontent with the government amid the cost-of-living crisis that is brewing. Dowden says that the party “cannot carry on with business as usual” and that “it would not be right for me to remain in office”. Adding that “our supporters are distressed and disappointed by recent events, and I share their feelings.”

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This article was written by Justin Low at www.forexlive.com.