26 Sep 2022

Pound crashes to all-time low against US dollar

Political Editor

Chancellor Kwasi Kwarteng was today forced to quell growing market unease over his low-tax, high borrowing strategy with a promise to set out more details in November, along with independent costings.

The Bank of England put out a statement too, saying they wouldn’t hesitate to hike interest rates at their next meeting, but neither intervention seemed to reassure city markets.

The pound slid once again this evening, having hit a historic low against the dollar earlier in a rollercoaster day.

And amidst the turmoil – the cost of government borrowing shot up too.