BUSINESS LIVE: Sterling dives on ‘unreliable boyfriend’ Andrew Bailey; MPs attack steel boss Gupta; BA owner IAG extends losses
The pound tumbled yesterday as Bank of England governor Andrew Bailey came under fire for his botched handling of the latest interest rate decision.
Sterling was down 1.4 per cent against the dollar last night, at $1.35, after the central bank failed to hike rates as traders had expected, prompting traders to call Bailey the ‘Grand Old Duke of Threadneedle Street’ for marching their expectations up and then letting them down.
MPs have launched a scathing attack on Liberty Steel owner Sanjeev Gupta, claiming there is no evidence he has cleaned up his struggling metals empire.
Gupta agreed a vital restructuring package last month that will see £50million injected into his UK plants, but in a damning report the Commons business committee said there were still serious question marks over whether the tycoon was fit to run a steel business.
British Airways parent company IAG posted a loss of €485million for its summer quarter as pandemic restrictions and the partial closure of the transatlantic market continued to hold back a travel recovery.
IAG’s operating loss before exceptional items of €485million for the July to end September period was ahead of a consensus forecast for a loss of €513million.
Traders are calling Andrew Bailey the ‘Grand Old Duke of Threadneedle Street’ for marching their expectations up and then letting them down.