Pound plunges to lowest level on RECORD: Pressure on Bank of England to hike interest rate to 5.5%, FTSE 250 falls 0.5% and warnings prices will soar after sterling slumped to $1.03 against dollar as markets react to Chancellor's mini-Budget
https://www.dailymail.co.uk/news/article-11249635/Analysts-warn-Bank-England-hike-rate-5-5-sterling-slumps-low-1-0327.html
The pound has dropped to near parity with the dollar - its lowest level since decimalisation in 1971 - after getting 'absolutely hammered' amid warnings that the Bank of England may have to bring forward an emergency interest rate rise with 5.5% now predicted in 2023.
Sterling has dropped to an all-time low of $1.0327 against the US dollar amid skepticism over the UK economy's growth prospects as the dollar increased its dominance in global trade, cranking up inflationary pressure in Britain.
As the FTSE 100 opened slightly up in London at 8am, sterling recovered slightly to $1.06 this morning as Liz Truss faced a Tory revolt with MPs braced for further turmoil with the pound down eight per cent since she was elected PM three weeks ago and down approaching 25 per cent since that start of the year.
Link to twitter comment https://twitter.com/mikegalsworthy/status/1573775346213834753?s=20&t=DTO24fYEDgP1IytcSuJ4Lw
Link to Times article mentioned in tweet (paywall) https://www.thetimes.co.uk/article/biscotti-mini-budget-exposes-gulf-between-liz-truss-and-keir-starmer-and-more-tax-cuts-are-on-the-cards-j2mj5zncs