Good morning. As of yesterday, we’re in a new phase of economic crisis: the one where you wake up and anxiously check whether the Asian markets have given the pound a pummeling while you were asleep. If you preferred it when you could just think about a cup of coffee and whether you have any clean pants at 7 in the morning, I empathise very deeply.
So the first thing to tell you is that a short while ago, the pound was worth $1.08, a slight recovery from yesterday’s nadir of $1.03. That came after Kwasi Kwarteng tried to calm investors by promising a debt reduction strategy, but not until the end of November - and the Bank of England said it would not make an emergency increase to interest rates.
