The pound has fallen to its weakest levels since 1985, reflecting the daunting scale of the economic challenge new prime minister Liz Truss faces as she prepares to unveil an emergency energy package.
Truss will on Thursday give details of the state intervention to shield households and companies from soaring energy bills. Government insiders said the total gross cost over two winters could hit ￡150bn.
Truss told MPs she would give people “certainty to make sure that they are able to get through this winter”, but ministers were on Wednesday still trying to finalise the details of the business sector support.
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