Monday 11 July 2016 12:51 pm

Well, this is awkward: Sterling leaps as Leadsom announces she is quitting Tory leadership race

Andrea Leadsom may well fancy a holiday after her short-lived campaign for the Tory top spot, and she'd get a good rate if she hurries to the Bureau De Change too.

The pound surged against the dollar as the Tory leader hopeful announced that she was pulling out of the race.

Read more: Theresa May set to be appointed as new UK Prime Minister

The pound jumped to trade above the $1.30 mark shortly after the announcement was made, having been trading below the $1.29 just before. 

The FTSE 100 made a similar jump when the announcement was made. 

Still, the pound has some way to go before recovering to the highs of $1.50 it was trading at before the EU referendum result was revealed last month. The announcement of the Brexit vote resulted in a 10 per cent drop for the currency

Leadsom's withdrawal from the Tory leadership race leaves just the one candidate in the running, current home secretary Theresa May.

She's like to be appointed prime minister, after Graham Brady MP told reporters that the selection process would not be re-opened.