Pound hit by UK recession fears; EU to unveil emergency energy measures – business live

Rolling coverage of the latest economic and financial news

The pound has dropped to its lowest level in almost two and a half years, hit by recession worries and fears of more large US interest rate rises.

Sterling slipped below $1.1700 for the first time since March 2020 on Monday, as concerns over the UK’s economic outlook mounted. It has now lost over 13% of its value against the dollar since the start of this year.

“Interestingly, even the lofty expectations for base rates and higher bond yields…have done little to help sterling.

So if, these reverse as I expect, there will be even less reason for investors to hold the currency of a country heading for a recession.”

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