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we begin with the turmoil on financial markets today, the pound sterling continues to languish against the us dollar and several other currencies. the slide in its value was triggered by last week s mini budget, with its controversial package of tax cuts. let s get historical for a moment. we have records for sterling against the dollar going back through history, and in the early hours of monday morning it reached an all time low that is since the creation of the us currency in 1792. let s take a closer look at the past few days the dollar has been strong but this further drop down is about sterling weakness, with a bit of a recovery and then falling back again. you can see this dramatic few days, sterling weakness with a little bit of recovery before it fell back again. on friday and monday there were massive moves within a day, which for a currency like sterling is rare. and one of the impacts of a low pound means that we import inflation, oil and gas is more e ....
the leaders of china s ruling communist party gather for a summit in which ruler xijinping is expected to secure a historic third term in office. communities in three australian states are ordered to evacuate as torrential rain brings major flooding. and the flying scotsman the first steam engine to hit 100 miles an hour celebrates a century on the tracks. hello and welcome if you re watching in the uk or around the world. britain s chancellor, kwasi kwarteng, has cut short his visit to the us, to hold urgent talks with the prime minister, as pressure mounts on the government over its mini budget. mr kwarteng had been in washington for a meeting of global finance ministers. he d originally been expected to return back to london on saturday. speaking to the bbc yesterday before the change of plans, mr kwarteng said he believes 100% that he will still be a chancellor and liz truss will still be prime minister in a month s time. later today, the chancellor and ....
Ironically, i say that because all the speculation about the budget u turn has taken the pressure off gilt yields, meaning there is more capacity for things to go up today and for pension schemes to cope. so ironically, i think the bank s gamble will have worked. let s get the thoughts of louise cooper, senior lecturer in finance at kingston university business school. you have to remember, the bank of england is supposed to be politically independent. the role of the bank of england is not to be there to bail out the government. it wanted to put interest rates up and reverse quantitative easing because we have rampant inflation. when you have rampant inflation, you should be putting interest rates up and slowing the economy. it was forced to do a u turn because of the chaos in gilts markets, in government ....
Virgin money and skipton building society halted mortgage offers for new customers, but said submitted applications would still be processed. halifax the biggest mortgage lender in the uk says it is withdrawing a range of new home loans. to explain why i m joined by fahad kamal chief investment officer at kleinwort hambros. just explain, as jane touched on there, as the gilts markets go on there, as the gilts markets 9° up, on there, as the gilts markets go up, it has an impact on mortgage products and bags having to withdraw some. talk as to what is going on there. good morning. it s very simple. bank impulses to manage a series of cash flow problems. what that means is if you take a mortgage and you say you want to borrow 100 at the interest rate of ten, you have to pay 110 in a year s time. hopefully they are able to fund that from ....