Sterling plunged to its lowest level against the dollar in 37 years as experts warned Liz Truss’s plan to ease the cost of living crisis without taxing energy firms could saddle Britons with debt for decades.
Markets appeared to be rattled by the new prime minister’s decision to borrow to pay the £100bn-plus needed to keep lights and heating on this winter.
Low-pay think tank the Resolution Foundation warned the eventual cost of the energy crisis could even outstrip the £137bn bailout of banks following the 2008 financial crash.
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