Ten Things You Need to Know Today: 12 October 2022

The Week’s daily digest of the news agenda, published at 8am

1. Pound sinks as Bank pulls out

The pound fell dramatically against the dollar after the Bank of England warned that it would not extend its £65bn emergency intervention in financial markets beyond this week. Sterling “skidded” by more than a cent against the dollar to below $1.10 after the announcement from the Bank’s governor, said The Guardian. The developments came after the International Monetary Fund increased pressure on Liz Truss to u-turn on unfunded tax cuts, saying a shift in policy would “change the trajectory” of interest rates.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us