-
Pound at eight-month low as 'stagflation' crisis fears take hold
The pound has come under pressure as fears over "stagflation" stalk the economy amid a supply chain crisis and surging energy prices. Sterling dipped below $1.35 to hit a fresh eight-month low against the US dollar on Wednesday. "Stagflation" describes a period when an economy experiences stagnant growth and high inflation at the same time. The pound has weakened from over $1.37 since the start of the week, during which scenes of panic-buying at petrol pumps have become the latest manifestation of the UK's supply chain crisis, centred on a lack of HGV drivers. Sterling had been trading at above $1.42 in June but ... (full story)