With the pound sterling hitting record lows, financial analysts are questioning the competence of Britain’s new government, johncassidy writes.
. If the Truss government sticks to its new policy, the value of the pound could drop to less than a dollar, he added.
Another characteristic of emerging-market economies is that their currencies sometimes fall even when interest rates are raised. This is also happening to the U.K. Last week, the Bank of England raised its policy rate for the seventh time in a year, to, but that didn’t prevent the subsequent slump in the pound, which has left the Bank’s head, Andrew Bailey, in a tight spot. The fall in sterling makes Britain’s imports more expensive and increases inflation.
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