'I think that the Chancellor has made clear that he doesn't comment on the movements around the market and that goes the same for the prime minister,” the PM’s official spokesman said today
Sterling fell by more than 4% to just 1.0327 dollars in early Asia trade before it regained some ground to about 1.05 dollars early on Monday, when the euro also hit a fresh 20-year low amid recession and energy security fears.
A new OECD report today saw the current prediction for UK growth downgraded to flatlining entirely in 2023. Mr Kwarteng’s gamble put an extra £72bn on Britain’s debt. Speculation is growing that the Bank of England’s Monetary Policy Committee will likely have to intervene with an emergency interest rate hike to prop up the pound.
In an interview with CNN, she rejected comparisons with Joe Biden's approach, after the US president said he was "sick and tired of trickle-down economics". He said: "We've only been here 19 days. I want to see, over the next year, people retain more of their income because I believe that it's the British people that are going to drive this economy."
The slide continued as trading opened in Asia and Australia on Monday, fuelling predictions sterling could plunge to parity with the US dollar by the end of the year. Asked whether he has confused the public by pumping money into the economy while the Bank of England raises interest rates in a bid to curb inflation, Mr Kwarteng said the Government had to change tack due to the Covid-19 pandemic and the Russia's invasion of Ukraine."There's no way that a government couldn't have ... shouldn't respond in a fiscally expansive way, in a way that we can support the economy, support our people through these two unprecedented shocks.
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