As the PM potentially faces a fresh rebellion over benefits, could we see another U-turn like the one yesterday? Newsnight's Economics Editor BenChu_ examined the reversal of the 45p tax cut: 👉 Exchange rates 👉 Borrowing 👉 Tax & Spending
The pound has risen to its highest level for two weeks after the chancellor attempted to reassure investors by pledging to bring forward details of how he would cut debt.
In the wake of the mini-budget, the pound slumped to a record low, government borrowing costs surged and the Bank of England was forced to step in and takeThe market turmoil was fuelled by the lack of an independent assessment on the impact of the plans, which had been offered by independent forecaster the Office for Budget Responsibility , but was declined by the government.
His staff worked around the clock to help clients tie down deals before lenders pulled their products or replaced them with more expensive ones."If we spoke to a client at nine in the morning and quoted them a rate, we had to phone back two hours later and say: 'It's going in the next hour. You need to make a quick decision if you want it,'" he said.Tory backlash
That's because when the pound is weak against the dollar or euro, for example, it costs more for companies in the UK to buy things such as food, raw materials or parts from abroad.
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