Kwasi Kwarteng and the Bank of England came under growing pressure on Tuesday to take more dramatic action to prop up the pound, as homeowners faced a steep hike in borrowing rates.
Although the pound rallied on Tuesday morning, hitting $1.08 in early trading, some senior Conservatives want the Chancellor to go further to calm financial markets. Last night some of the country’s biggest lenders pulled mortgage deals following sterling’s fall to an all-time low against the dollar on Monday.
