Kwasi Kwarteng’s tax-cutting mini-budget triggered a collapse in the pound and surge in the UK’s borrowing costs.
Sterling fell at one point on Monday to its lowest level against the dollar in history. According to Deutsche Bank, the UK’s borrowing costs for 10-year government bonds have risen by the most in a five-day period since 1976 – the year Britain went cap in hand to the IMF for a bailout.
