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we start with the latest market action and as the trading day began in asia the pound started to slide down nearly 5% at one point against the us dollar that s on top of the 3.6% dive on friday. investors are running for the exits as fears mount the new government s shock and awe tax plans for the uk economy are too big a gamble. on friday the chancellor, kwasi kwarteng, announced historic tax cuts, and the biggest increase in borrowing since 1972 to pay for them. there is now calls for the bank of england to take emergency action to calm rattled markets and bolster sterling. so let s look at how the pound 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. thi ....
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 ....