
The pound has plummeted to its lowest level against the US dollar in over a year as government borrowing costs continue to soar, piling more pressure on Labour regarding their fiscal plans. Sterling took another hit on Thursday morning amid a deepening rout in UK government bonds, also known as gilts, with the pound dropping nearly 1% 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 eight basis points to 4.89...