The pound fell 1.5% against the dollar to $1.10 after Liz Truss and Kwasi Kwarteng met with the head of the UK’s Budget watchdog, Richard Hughes.
The Downing Street meeting followed a week of market turmoil set off by the government’s redrawn tax and spending plans. The government did not accept an offer from the Office of Budget Responsibility to assess the cost of tax reform announced last week and said today the OBR would not bring forward its next report.
Senior figures have been seeking to reassure international investors about their stewardship of the economy . Sterling dropped from levels just over $1.11, which it reclaimed earlier in the session for the first time since the mini-Budget. The FTSE 100 stayed positive overall, was off session highs.
