Pound falls again as Bank rules out emergency rate rise
2 years, 3 months ago

Pound falls again as Bank rules out emergency rate rise

The Telegraph  

The Governor of the Bank of England has ruled out an emergency rate rise following a rout in the pound. In a statement just minutes after a separate one by Kwasi Kwarteng, the Chancellor, Andrew Bailey said the bank's monetary policy committee "will not hesitate to change interest rates by as much as needed" to bring inflation under control. It came moments after Mr Kwarteng promised to unveil a plan to bring UK debt back under control after his mini-budget sent the pound crashing. Mr Kwarteng this afternoon attempted to calm the markets, with the Treasury promising he will set out a plan to bring debt back under control on November 23.

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History of this topic

Pound falls as OBR says economy set to shrink by 2% in long recession
2 years, 1 month ago

Pound falls as OBR says economy set to shrink by 2% in long recession

The Independent  

The pound fell sharply on Thursday after Jeremy Hunt’s autumn statement revealed a painful era of austerity ahead while the fiscal watchdog forecast Britain’s economy will shrink by 2% over a lengthy recession. There is a high probability that real GDP outturn will prove lower than the OBR’s forecast, while inflation remains stickier in the short term, adding to the …

Pound rebounds to levels seen before mini-budget chaos as Chancellor U-turns
2 years, 3 months ago

Pound rebounds to levels seen before mini-budget chaos as Chancellor U-turns

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The pound has bounced back …

Pound slips again in Asia trading after rallying due to Bank of England intervention
2 years, 3 months ago

Pound slips again in Asia trading after rallying due to Bank of England intervention

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The pound fell again on …

British pound stabilizes, but turmoil still roils UK economy
2 years, 3 months ago

British pound stabilizes, but turmoil still roils UK economy

Associated Press  

LONDON — The British pound stabilized Tuesday as U.K. authorities tried to ease investor concerns after the biggest tax cuts in 50 years sent the currency tumbling to a record low and prompted some businesses to predict a devastating combination of a weak currency and rising interest rates. Late Monday, the central bank said it was “closely monitoring’’ financial markets …

Bank of England forced to intervene as pound crashes to all-time low after mini-Budget
2 years, 3 months ago

Bank of England forced to intervene as pound crashes to all-time low after mini-Budget

The Independent  

The Bank of England was forced into an emergency intervention on Monday, warning that it would not hesitate to hike interest rates “as much as needed” after the pound plummeted in the wake of Kwasi Kwarteng’s mini-Budget. One “red wall” Conservative told The Independent that Friday’s package was “strange and stupid”, while a second lashed out at “Tea Party Republicans …

Bank of England urged to call emergency rates meeting next week to rescue pound
2 years, 3 months ago

Bank of England urged to call emergency rates meeting next week to rescue pound

The Telegraph  

The Bank of England has been urged to raise interest rates as soon as next week to help the pound from further weakening. Meanwhile, UK bond yields were on the rise, with the 10-year gilt yields seeing their biggest one-day surge on record in Bloomberg data. Deutsche Bank analysts said there are "very strong signals" that the market is no …

Andrew Bailey warns of massive downturn as pound suffers biggest fall in two years
2 years, 8 months ago

Andrew Bailey warns of massive downturn as pound suffers biggest fall in two years

The Telegraph  

The pound suffered its steepest fall since the onset of the Covid crisis on Thursday as traders panicked after the Bank of England warned over a recession. Sterling fell as much as 2.2pc against the dollar to a near-two year low of $1.23 as analysts warned that a “toxic mix” of high inflation and stalling growth threatens to push the …

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