Pound at two-week high after spending plan reports

The pound has risen to its highest level for two weeks on hopes Kwasi Kwarteng will bring forward details of how he will cut debt.

Fears his tax-cutting plans are unaffordable sparked turmoil on markets last week after Mr Kwarteng laid out the measures in a mini-budget. Investors also bet interest rates would rise faster than previously thought, leading banks to withdraw more than a thousand mortgage products as the uncertainty made long-term loans difficult to price.

Mr Stride said if the OBR forecast stacks up then interest rate expectations could fall "which is going to matter to millions of people up and down the country when it comes to their mortgages". Firms could choose to pass on those higher prices to their customers. And that could push up inflation, which tracks how the cost of living changes over time.This is now due to published later this month, ahead of 3 November when the Bank of England next meets to make its latest decision on interest rates.

Source: Loan Digest (loandigest.net)

BenChu_ I thought this was a poor segment Ben. Very one sided and misleading. The dollar was above pre budget levels before yesterdays change of heart. It's did not only return afterwards. And your segment on gilts failed to mention the BoE has only bought £3.7bn so far.

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