The falling value of the pound is set to intensify the UK’s cost of living crisis and push more people into poverty, the government has been warned.
Sterling plummeted to its lowest level against the dollar in history on Monday morning, dropping more than 4 per cent, as the markets responded nervously to the announcement of Britain’s “mini-Budget”, which has ushered in the nation’s biggest tax cuts in 50 years.
Chancellor Kwasi Kwarteng was accused of “fanning the flames” of the tumbling pound by hinting at fresh “unfunded” tax cuts over the weekend, while campaigners and charities accused the government of “gambling with the economy”.
