'The Washington Post' daily newspaper wrote yesterday that the first victim of higher US tariffs on imports from most of the world is the US currency. The newspaper highlighted that since Donald Trump took office as president on 21 January, the value of the dollar against the euro has fallen by nearly 10 per cent.more

The pound has fallen to its lowest level in over a year, while UK borrowing costs hit their highest for 16 years. Economists have warned that the rising costs could lead to further tax increases or spending cuts as the government tries to meet its self-imposed rule not to borrow to fund day-to-day spending.more