It follows a turbulent week for the chancellor, and Prime Minister Liz Truss
Prof Spencer said “The pound is falling because there is a loss of confidence in UK economic policy.
Prof Spencer says the economic hit caused by Chancellor Kwasi Kwarteng's economic plans could lead to a"bleak winter" for many. "The fall in the pound reflects the folly of the mini-budget last Friday. The move to raise borrowing to fund tax cuts isn't seen as credible with the result that the pound has plummeted.”
Following Mr Kwarteng’s announcement last Friday, the value of the pound against the US dollar fell to its lowest level for 37 years., which claimed Kwarteng’s budget plans had the potential to increase inequality in the UK, and urged the Government to change course with a planned statement next month.Advertisement“[Your] readers should be very concerned,” he said. “The fall in the pound means higher import prices.
"This will fuel higher inflation. The Bank of England will be required to raise interest rates sharply to curb inflation.
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