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Cost Of Living

UK Should Worry About Pound’s 10% Decline, Senior MP Says

  • Remarks add to a shift in mood about the currency’s weakness
  • Two Bank of England officials also have noted the pound’s drop

The UK government should worry about the 10% plunge in the value of the pound this year because it is making the cost-of-living crisis even worse, a senior member of Parliament said.

Mel Stride, a former Treasury minister who leads the Treasury Committee in the House of Commons, said sterling’s move is “is something we should be concerned about” and that “the most worrying thing is the cost-push inflation on imports.”