is trading now. it has been hovering around just over $1.05 but one hour ago we were looking at the pound buying $1.03 so it has recovered a tiny bit but not much and you can see that the markets in asia are fairly mixed and we have the price of oil edging lower as well. joining me now is simon french, chief economist at panmure gordon. is at panmure gordon. this what you expected today is this what you expected today in asian trading time? i’m in asian trading time? i m afraid it in asian trading time? i m afraid it was. in asian trading time? i m afraid it was. one - in asian trading time? in afraid it was. one word on a lot of traders was what ellipse is of the economic plan for the government is in short supply and when it is, things like sterling assets and sterling itself are rather friendless, the former bank of england governor mark carney said that the uk government relies on the kindness of strangers and we
against the dollar overnight, following the uk government s announcement of large tax cuts funded by borrowing. in asian trading, sterling fell four per cent, close to $1.03 it s recovered much of that ground this morning. the fall in the pound since friday threatens to further fuel inflation, because it makes imports into the uk more expensive, and adds to the costs for british businesses. it also puts further pressure on the uk s finances. the government s cost of borrowing has risen sharply again this morning. markets are signalling they expect the bank of england to raise interest rates further as a response to sterling s fall, with investors predicting interest rates could reach nearly six percent next year, sending the cost of borrowing for uk consumers sharply higher. earlier, sterling hit a low of almost $1.03, since it has regained much of the fallout but continues to fluctuate. sirjohn gieve is a former deputy governor of the bank of england
good afternoon. the pound fell overnight to its lowest level against the dollar for half a century. asian markets were reacting in part to the government s announcement last week of tax cuts and increased borrowing to pay for them. at one stage sterling plunged to around $1.03 before regaining ground. a weaker pound raises the cost of some imports, which in turn makes inflation higher and it could also mean higher interest rates. our business correspondent theo leggett reports. the pound, the centrepiece and a symbol of our economy, has been tumbling. against the dollar, the euro and the japanese yen. and that affects our daily lives. a great deal of what we buy, from the fuel in our cars to the clothes we wear, to the food we eat, comes from abroad, and when the value of the pound goes down, the cost of those imports goes up, which means prices
the pound sterling has fallen to its lowest ever level against the us dollar. in early asia trading, sterling fell to just over 1.03 before regaining ground to about 1.05. the pound has been under pressure as the dollar has been boosted by the us central bank raising interest rates, and it follows the announcement on friday by the announcement on friday by the new uk chancellor kwasi kwarteng unveiling historic tax cuts funded by very high increases in borrowing. we can join the bbc correspondent in singapore. join the bbc correspondent in singapore- singapore. what a monday morninu singapore. what a monday morning in singapore. what a monday morning in asia, singapore. what a monday morning in asia, as - singapore. what a monday morning in asia, as the - singapore. what a monday - morning in asia, as the markets open. as you mention, sterling tumbling to a record low. we
than what divides it. 13 people have been killed including seven children as a gunman opened fire in a school in the central russian city of izhevsk. and nasa prepares to crash a probe into an asteroid, to see how to stop a space rock from hitting earth. there are fears of soaring interest rates. the value of the pound fell to a record low against the dollar overnight, following the uk government s announcement of large tax cuts funded by borrowing. in asian trading, sterling fell four per cent, close to $1.03 it s recovered some of that