The pound collapsed to a record low against the dollar early on Monday, as investors slammed UK markets over the government\u0027s fiscal plan.
Finance minister Kwasi Kwarteng on Sunday dismissed the freefall in the pound that began on Friday after he unveiled his so-called “mini budget,” saying his strategy was to focus on longer-term growth and not short-term market reaction.Sign up to receive daily headline news from the Ottawa SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“Choice number two is he leaves it to the Bank of England and in that case the Bank of England would have to hike in an emergency meeting because they don’t meet again until November.”Article contentWe apologize, but this video has failed to load.“That in itself goes against him. Again the image of driving a car with the chancellor foot on the accelerator and the governor foot on the brake. That is not a good way to drive the UK economy.
The FTSE 100 extended losses, falling 0.8% on the day, led by sharp declines in the shares of homebuilders.Article contentTwo-year gilt yields, which are the most sensitive to the outlook for interest rates and government borrowing, rose by as much as 54 basis points to a high of 4.53%. The yield has risen by around an entire percentage point in the last two trading days alone, reflecting the lack of confidence in the government’s ability to fund its raft of tax cuts.
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