Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

UK Labour's Reeves: 'incredibly worried' by fall in the pound

Published 26/09/2022, 07:22
Updated 26/09/2022, 07:25
© Reuters. FILE PHOTO: Shadow Chancellor Rachel Reeves speaks during Britain's Labour Party annual conference, in Brighton, Britain, September 27, 2021. REUTERS/Hannah McKay

LONDON (Reuters) - The financial policy spokeswoman for Britain's opposition Labour Party said she was incredibly worried about the fall in the pound overnight, saying it put pressure on the Bank of England to raise interest rates.

Sterling tumbled nearly 5% to an all-time low against the U.S. dollar on Monday, before partly recovering, as the fall-out from the new government's fiscal plan on Friday continued.

"I started my career as an economist at the Bank of England and like everyone else I'm incredibly worried about what we've seen, both on Friday with market reactions to the chancellor's so-called mini-budget, and also the reactions overnight," Rachel Reeves told Times Radio.

"It also puts more pressure on the Bank of England to increase interest rates," she added.

 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.