It may be hard to believe given the events of recent years, but there was a time in the UK when the Conservative Party was seen as a party of business, and markets celebrated its election successes.

In the nearly two weeks since 160,000 Tory members chose their latest leader and, by default, the prime minister for about 60-million fellow citizens, currency markets have responded by pushing the pound to its weakest levels in more than two years. That continued after the US Federal Reserve cut interest rates and confused the markets over its intentions for future moves, pushing the pound’s decline in July to just over 4.2%.

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