Pound tumbles after the Bank of England’s latest report

Oh no

The pound has fallen sharply, this is due to the Bank of England’s latest Inflation Report.

The sterling dropped below the $1.29 mark against the dollar to trade at $1.2888, against the euro it fell 0.4 per cent to 1.1855 euros.

The Bank cut back its 2017 growth forecast and it also said household spending was slowing more quickly than expected.

Rates stayed at 0.25 per cent.

On the stock market, the benchmark FTSE 100 was up 6.32 points at 7,391.56. This was helped by a good performance from mining shares.

Shares in pharmaceuticals firm Hikma fell six per cent after US regulators delayed the approval of a new drug.

Mondi, a South African packaging company also fell by 2.2 per cent as it reported a decline in profits.

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