The Bank of England has said it “will not hesitate” to raise interest rates to prop up the value of sterling after a day of turmoil on the markets which saw the pound slump to its lowest level for at least half a century.
Chancellor Kwasi Kwarteng announced he would bring forward an announcement of a “medium-term fiscal plan” to start bringing down debt levels following an adverse reaction to his £45 billion package of tax cuts set out on Friday.
