The Bank of England was forced into an emergency intervention on Monday, warning that it would not hesitate to hike interest rates “as much as needed” after the pound plummeted in the wake of Kwasi Kwarteng’s mini-Budget.
Sterling fell to its lowest ever level against the US dollar, dropping by more than 4 per cent to just $1.03 before regaining some ground.
The Bank issued a statement pledging to do whatever it takes to conquer inflation, while the chancellor promised new rules to get a grip on debt.
