As Britons come to terms with higher borrowing costs than they have known for 15 years, one or two will be forgiven for asking why the pound is not rallying more strongly in response to the Bank of England's recent interest rate rises. Sterling, as any British tourist who has ventured overseas this summer will confirm, remains deeply depressed compared with levels most people will be used to. The pound was trading at just $1.175 this morning, down from $1.21 in the days immediately after Vladimir Putin invaded Ukraine, while against the euro it has similarly fallen from just under €1.21 to under €1.18 today. That may ... (full story)