The pound and long-term government debt dropped as jitters returned to UK financial markets on Wednesday, a week after the Bank of England’s dramatic intervention halted a chaotic sell-off.
Sterling fell by more than 2 per cent against the dollar to $1.123 as the dramatic rebound from last week’s all time low of $1.035 stalled. The moves, which partly reflected broad gains for the US currency, followed Liz Truss’s Tory party conference speech in which she sought to reassure markets by stating her commitment to fiscal discipline.
The latest declines come 12 days after the announcement of £45bn of unfunded tax cuts by Truss’s government sent the currency and the UK bond market into freefall.
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