Sterling sank to its lowest level against the dollar this year amid fears that Britain faces a nasty bout of stagflation.
The pound slipped nearly 1 per cent to as low as $1.3413, a level last seen in December 2020, as scenes of chaos on petrol forecourts continued.
Economists are worried that Britain’s recovery is slowing to a standstill, while prices are still rising – setting the scene for a painful spell of stagflation.
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