
The pound has tumbled to its lowest level against the US dollar for over a year as government borrowing costs surged further, heaping yet more pressure on Labour over its fiscal plans. Sterling weakened again on Thursday morning amid a deepening rout in UK government bonds – also known as gilts – with the pound falling nearly 1 per cent to just under $1.23 US dollars – its lowest level since November 2023. Yields on government bonds – which reflect the cost of government borrowing – continued to rise, up...