Pound falls more than 1% against dollar after BoE move

Publish: 5:20 PM, September 29, 2022 | Update: 5:20 PM, September 29, 2022

The British pound sank Thursday by more than one percent against the dollar after the Bank of England intervened on the bond markets to head off a fresh financial catastrophe.

Sterling slid as low as $1.0763 in early morning London deals, one day after the BoE snapped up long-dated government bonds in order to prevent a
“material risk” to stability.