Pound will be worth less than one euro, warns former US Treasury chief

Pound sterling dollar euro parity Treasury Bank of England interest rates Andrew Bailey – Chris J Ratcliffe/Getty Images The pound will soon be worth less than a single euro as the crisis for the British currency shows no signs of abating, a top economist has warned. Larry Summers, former US Treasury Secretary, said he was … Read more

Pound edges higher in morning trading after hitting record low against dollar

The pound rose in European morning trading on Tuesday after hitting a record low against the dollar, recovering slightly after the Bank of England and UK Treasury sought to calm rattled markets. Sterling was up 1.2 per cent at $1.082 in recent trading, just a day after the currency tumbled almost 5 per cent to … Read more

Plunging pound pauses as investors await policy response By Reuters

© Reuters. FILE PHOTO: Woman holds British Pound banknotes in this illustration taken May 30, 2022. REUTERS/Dado Ruvic/Illustration By Tom Westbrook SYDNEY (Reuters) – Sterling steadied on Tuesday, but was perched above its record low only thanks to soaring yields on British debt and the hope of a response from policymakers or politicians, with its … Read more

BoE ‘will not hesitate to change interest rates’ as pound falls

The Bank of England (BoE) has said it “will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit”. BoE governor Andrew Bailey says the Monetary Policy Committee (MPC) will make a full assessment at its next MPC meeting on … Read more

Pound plunges to all-time low against dollar

Pound sterling dollar tax cuts Chancellor Kwasi Kwarteng mini-Budget – Jason Alden/Bloomberg The pound has slumped to an all-time low against the dollar after Chancellor Kwasi Kwarteng hinted at more tax cuts to come after after last week’s Budget. Sterling tumbled almost 5pc to as low as $1.0327 in overnight trading, taking it below its 1985 low to the … Read more

Portion of road caves in, massive traffic snarls as rains pound Delhi

A portion of a road caved in as incessant spell of light to moderate rain drenched Delhi for the second consecutive day on Thursday leading to waterlogging and uprooting of trees that caused massive traffic snarls in many parts of the capital. The weather department has issued a ‘yellow’ alert for Friday, … Read more

UK Unveils Multi-Billion Pound Plan to Help Businesses With Winter Energy Bills

Breadcrumb Trail Links PMN Business The British government unveiled a multibillion-pound bailout to help companies with their energy bills this winter amid soaring prices that threaten to put many out of business. Author of the article: Bloomberg News Todd Gillespie and Kitty Donaldson Article content (Bloomberg) — The British government unveiled a multibillion-pound bailout to … Read more

pound: Pound falls to 37-year low as poor retail sales lift economic woes

LONDON- The pound on Friday tumbled to a fresh 37-year low on the U.S. dollar, and a 17-month trough on the euro, after weaker-than-expected figures of retail sales added to worries about the health of Britain’s economy. The pound fell more than 1% against the dollar to 1.1351, its lowest since 1985, its fall accelerating … Read more

Euro, stocks and pound fight back after latest energy shock

Breadcrumb Trail Links PMN Business Author of the article: Article content LONDON — European stock markets, the euro and the pound all clawed higher on Tuesday as previously surging gas prices slipped back 10%, although government bond market costs continued to rise and Japan’s yen hit a fresh 24-year low. The mood was notably calmer … Read more