Investors flock to the safe haven dollar over concerns about the outlook for UK economic growth.
The pound has fallen to a two-year low against the dollar reflecting traders increasing concerns about recession around the world as energy prices continue to soar.Sterling could fall even further after predictions of economic stagnation and as inflation rises, they added.
"Now many people are worried about recession - recession in the US, recession in Europe, and of course we've got our cost of living crisis here in the UK," Ms Foley said. The FTSE 100 stock market in London fell nearly 3% on Tuesday before rising by more than 2% in early trading on Wednesday. The recent fall in sterling also came about by the UK government "aggravating the Northern Ireland protocol", Mr Godber said.
Chancellor Nadhim Zahawi, who was appointed to the role on Tuesday, said Prime Minister Boris Johnson's focus was on "delivering".
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