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Our two cents (/pence)
Chancellor tells top bankers he is ‘confident’ his strategy will work and remains committed to bringing down debt
Greenback’s gain is a pain for US companies that derive their sales overseas
The financial tide is going out as a rising US currency has recessionary effects elsewhere
Base rates to 6% and house prices down 10-15%
Recent tumble has left sterling matching year-to-date losses of Japan’s yen
The Bank of England does not have a lot of options
Virgin Atlantic chief urges Liz Truss to reverse course on mini-Budget tax cuts
Computer-driven traders have also gained from strong selling in UK currency
Chinese currency has fallen 11.5% this year as Fed raises rates to tame inflation
Sterling falls below $1.07 despite central bank and government reassurances about interest rates and stable finances
Raphael Bostic from Atlanta branch raises ‘uncertainty’ after pound hits record low against dollar
Plus, the seven economic wonders, TikTokpreneurs and cryotherapy
Market sell-off on ‘fiscal event’ was as bad a verdict as any chancellor could fear
Rather than blaming hedge funds or the strong dollar, look to the woefully misnamed ‘mini-Budget’
Recent falls represent the perception of a problem with the UK’s currency rather than simply US dollar strength
An international consensus that the US currency is too strong seems some way off
Interest rate rises also weighing on industries such as housebuilding
Sterling is having another special one
Tory MPs and traders braced for further market volatility after UK chancellor insists ‘more to come’
Buying the currency is tolerable if it keeps the government out of monetary policy
Risk of further falls in sterling as fund managers asked to soak up billions more in public debt
Kwarteng axes top rate of income tax and reduces basic rate but gilt yields surge on government borrowing fears
Plunge in pound and surge in borrowing costs show investors are balking at footing bill for UK government plans
Squeaky-bum time for Bailey
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