ECB announces unprecedented 75-basis point hike in interest rates, as Liz Truss announces energy bill guarantee to cap bills for households and businesses
The pound is dipping back towards yesterday’s 37-year lows, as concerns that Britain is sliding into recession hit the markets.
Sterling is back below $1.15 against the US dollar, as investors fret about the extra borrowing needed to fund the energy rescue package.
The pound has shifted up slightly from lows not seen against the dollar since 1985, when Ronald Regan was in power and Freddie Krueger had returned to screens as the monster under the bed.
Now the energy shock is the nightmare to deal with on Downing Street, with Liz Truss set to unveil her expensive subsidy plan later today to deal with the bill horror.
