Sterling has fallen to its lowest level against the dollar this year as stagflation fears grow.
The high-inflation, low-growth trap is being exacerbated by the fuel shortage and gas price increases, causing some in the City to complain that the pound is acting like an “emerging market” currency.
The pound dropped by 0.7% against the dollar to $1.3441, its lowest level since 28 December 2020.
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