The Bank of England must take the initiative and hike UK interest rates significantly if the decline in the British Pound is to be arrested, says a leading economic research consultancy.
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The British Pound was seen recovering from its lows against the Dollar, Euro and other major currencies as European markets opened for trade.
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The British Pound suffered significant declines during the Monday Asian session that added to Friday's massive selloff, ensuring record lows against the Dollar.
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Negative reaction to Kwarteng's fiscal statement, but Sterling crisis unlikely says Oxford Economics.
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GBP was seen higher against a number of currencies and recovering against the Dollar following a swathe of fiscal changes announced by Chancellor Kwasi Kwarteng.
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The impact on the Pound from Friday's fiscal event could therefore be significant.
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The Bank of England raised interest rates by 50 basis points on Thursday, which was a smaller increment than the 75bp the market was expecting.
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