UK: Kwasi Kwarteng Tells Markets To "Keep Calm" As The Value Of The Pound Against The Dollar Tumbles To A Record Low

THE value of the pound has fallen again as the Bank of England says it "won't hesitate to change interest rates".

However, the Governor of the BoE Andrew Bailey avoided hiking interest rates as an emergency measure this afternoon.The pound has fallen to its lowest level against the dollar since decimalisation in 1971.

Sterling fell by more than 4% to just $1.03 in early trading in Asia, before recovering to $1.09 this afternoon. After the statement from the BoE it fell again to $1.06 as of 16:44pm today.