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Pound hit as Johnson’s future in doubt and markets brace for months of uncertainty – business live
Pound trades at two-year low against the dollar amid recession fears and crisis at 10 Downing StreetHere are more comments from the Bank of England’s deputy governor Jon Cunliffe, who said this morning that the central bank “will act” to ensure high inflation doesn’t become embedded. UK inflation rose to a 40-year high of 9.1% in May, and the Bank expects it to reach 11% in the autumn. The central bank is targeting a rate of inflation of 2%, and in response to soaring prices it has hiked interest rates five times since December.What we expect is that the cost of living squeeze will actually hit people’s spending and that will start to cool the economy, and we can see signs that the economy is already slowing.We’ve increased rates at every meeting for the last five meetings. I don’t think that has ever happened actually before in the history of the monetary policy committee.Of course I will be looking at where else can I make sure the economy remains competitive and dynamic with our European neighbours and the rest of the world as well. Nothing is off the table.