Sterling fell to a six-month low against the dollar on Tuesday, putting it on track for its worst month since last year’s “mini” Budget, amid fears high interest rates will tip the UK into recession.
The pound has slipped 3.4 per cent against the dollar to $1.2176 so far this month and by 7.2 per cent since mid-July as concerns increase that interest rates, now at a 15-year high to tame inflation, will choke economic growth.
A recession would diminish the likelihood of further rate increases, since the economy would already be contracting.
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