Central bank stops short of emergency rate hike and instead says it will make full assessment in November
- Markets warn interest rates could triple by next year
- Q&A: what does the pound’s slump mean for the UK?
Sterling came under fresh, heavy pressure on the world’s financial markets after the Bank of England ruled out an emergency rise in interest rates to defend the struggling UK currency.
Sterling lost two cents against the US dollar after investors were left unimpressed by Threadneedle Street’s decision to adopt a wait-and-see approach rather than act immediately.
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