Government moves to calm markets as pound falls to lowest level against dollar since 1985

New chancellor on charm offensive in Square Mile says Bank of England independence ‘is sacrosant’

The government has moved to quash City speculation that Liz Truss is set to interfere with the political independence of the Bank of England, amid a currency depreciation in which the pound hit the lowest level against the dollar since 1985.

In a charm offensive in the Square Mile as sterling came under renewed selling pressure on Wednesday, the new chancellor, Kwasi Kwarteng, used his first full day in the job to try and calm jittery financial markets amid growing concerns over the new prime minister’s economic policy.

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