at some point in the next few weeks, there will be a big decision being made? , , , made? yes, it is in there where they will be weighing made? yes, it is in there where they will be weighing up made? yes, it is in there where they will be weighing up what made? yes, it is in there where they will be weighing up what to - made? yes, it is in there where they will be weighing up what to do - made? yes, it is in there where they will be weighing up what to do about the falling value of the pound and of course inflation, the rise in average prices which is causing this cost of living pressures for households right around the uk. the pound hit a record low against the dollar, around this time yesterday morning, got down to around $1.03 for every pound, and it has recovered a bit since, it is currently at $1 you might think talk of currency strength and the value of currency strength and the value of the pound, it is to do with traders for it is currently $1.08. let me explain. we
well, the key thing is if you call it, you have to take significant action. our business correspondent ben boulos has been at the bank of england and says the governor appears to have ruled out any emergency meeting of its monetary policy committee, which sets the base interest rate. the next scheduled decision is in early november. but we have not seen falls like that in the value of the pound before. it was down at $1.03 about this time yesterday and it has since recovered a bit, it is currently at $1.08. but a lot of that being driven, that fall, that sharp fall, being driven since friday after the chancellor announced big tax cuts to try to boost the economy but funding it with increased borrowing. that spooked investors. their confidence in the uk economy dropped and with it so did the pound. what goes on at the bank of england may seem so distant from the lives
work might have made sense. eaten work might have made sense. even thou:h work might have made sense. even thou . h the work might have made sense. even though the very work might have made sense. even though the very calling work might have made sense. even though the very calling of the meeting, the very talk of an emergency measure would create its own instability? the emergency measure would create its own instability? own instability? the key thing is, if ou call own instability? the key thing is, if you call it own instability? the key thing is, if you call it you own instability? the key thing is, if you call it you have own instability? the key thing is, if you call it you have to - own instability? the key thing is, if you call it you have to take i if you call it you have to take significant action. our business correspondent, ben boulos, has been at the bank of england and says the governor appears to have ruled out any emergency meeting of its monetary policy com
closely. balances, so it will be watched closel . ., . closely. you are right. the decisions closely. you are right. the decisions made closely. you are right. the decisions made in - closely. you are right. the decisions made in their. closely. you are right. the | decisions made in their well closely. you are right. the - decisions made in their well have an impact on households right around the uk. it is of course the bank of england. why is that decision that they make on interest rates so important? let me talk you through it. around this time yesterday we saw a big fall in the value of the pound against the dollar. at one point it hit a record low, down to $1.03 every pound and it has recovered since but it brings a huge amount of certainty. you can see just how much the value of the pound has been fluctuating, and the rate of the fall in the value of the pound has increased since friday. friday is when the chancellor announced a big tax cuts in an effort to try to boost the
well, let s go now to ben, who is at the bank of england for us this morning. there has been a lot of focus on whether they will meet and we are not sure as yet given the statements that came out yesterday. that came out yesterday. indeed, they seem that came out yesterday. indeed, they seem to that came out yesterday. indeed, they seem to have that came out yesterday. indeed, they seem to have ruled - that came out yesterday. indeed, they seem to have ruled out - that came out yesterday. indeed, they seem to have ruled out any. they seem to have ruled out any emergency meeting of the monetary policy committee here at the bank of england behind me. the next scheduled decision is in early november. but we have not seen falls like that in the value of the pound before. it was down at $1.03 about this time yesterday and it has since recovered a bit, it is currently at $1.08. but a lot of that are being driven, that sharp fall, being driven, that sharp fall, being driven since frida