LONDON, Sept 1 — Sterling fell against the dollar today, adding to August losses that were its worst since late 2016, as storm clouds gather over the British economy.
British inflation soared to 10 per cent in July, its highest in 40 years, and is predicted to climb higher, squeezing the pay packages of hard-hit consumers further. British government bonds are suffering, too, enduring their biggest monthly fall since 1994. Truss, currently foreign secretary, is the front runner in the race to replace Boris Johnson as Britain’s Prime Minister, which is due to conclude next week.
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