Pound falls and borrowing costs jump as UK markets take fright

Pound falls and borrowing costs jump as UK markets take fright

Pound falls and borrowing costs jump as UK markets take fright The pound collapsed to a fresh 37-year low against the dollar and UK borrowing costs surged to the highest in more than a decade as the government’s radical tax cutting agenda and borrowing bonanza risked losing the confidence of the financial markets. Investors took fright at the prospect of unfunded tax cuts announced in the chancellor’s fiscal statement driving the pound to close to its weakest point since before …