Irish Examiner view: British playing a risky game

Concerns over plummeting pound

The pound has hit an historic low against the dollar.

Since last Friday’s €50bn fiscal giveaway by British chancellor of the exchequer, Kwasi Kwarteng, the UK has seen the pound hit a historic low against the dollar, and yesterday nervous markets pushed the currency to a historic low before a brief recovery.

A resounding rejection by the market of the British government’s plans for tax cuts and borrowing also saw the value of government bonds plummet and yields surge, sending the cost of borrowing to new highs.