Pound Resumes Drop as Bailey Pours Cold Water on Emergency Hike
- BOE says that it will assess pound drop at next rate decision
- Pound fell to record low in sell off spurred by stimulus plans
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The pound resumed its slide against the dollar after Bank of England Governor Andrew Bailey tempered speculation of an emergency rate hike to shore up the battered currency.
Bailey said policy makers would assess the fall in sterling at their next scheduled meeting in November, after a volatile trading session rife with rumors that central bank action was imminent. The pound slipped back toward a record low touched earlier Monday after the announcement, sliding 1.7% to $1.0678.