Pound Sterling has plummeted to its lowest level since 2023, with Rachel Reeves failing to calm spooked markets.
The currency sunk 0.9% against the dollar today, hitting $1.226. It was on course for its biggest three-day drop in two years.
Government borrowing costs have skyrocketed, with the benchmark 10-year gilt yield spiking by a quarter point this week to its highest since 2008 and the 30-year gilt yield hitting its highest level since 1998.
Nigel Green, CEO of deVere Group, one of the world’s largest independent financial advisory organisations, warned that the UK’s economic turmoil had taken a perilous turn.
He said: “Bond yields are surging, the pound is in freefall, and Chancellor Rachel Reeves’ stewardship of Britain’s finances appears to be crumbling under scrutiny. Investors must act decisively before they’re caught in the economic crossfire.”
The fall has led to economists warning of tax rises and cuts to government spending plans, just months after Chancellor Rachel Reeves announced £40 billion of tax rises in her October budget.
THIS IS A LIVE BLOG. FOLLOW BELOW FOR LIVE UPDATES…
