Spooked investors sent sterling to its lowest level since March 2020 as currency traders bet that America’s Federal Reserve will raise interest rates aggressively today and increased trade tensions between the UK and Europe as well as disappointing jobs data worried investors (The Times £). The pound slumped to its lowest level against the dollar since the pandemic hit as traders braced for an aggressive interest-rate hike in the US (The Daily Mail). The pound has fallen to its lowest level against the dollar since the onset of the pandemic, fuelled by concerns about the economy and the prospect of a second Scottish independence referendum (Sky News). Analysts said sterling was under pressure from a stronger dollar after unexpectedly high US inflation figures fuelled expectations for more aggressive rate hikes from the American central bank (The Guardian).

Worries that rampant inflation is already eroding consumers’ spending power hit all London-listed retailers yesterday, but none more so than Ocado, which was the FTSE 100’s biggest loser yesterday. The strength of Ocado’s retail arm is being scrutinised as online grocery sales slip and shoppers have already started buying less and switching to cheaper brands and supermarkets. (The Times £)

British holidaymakers in Spain and Portugal who prefer home comforts will be able to opt for their usual office lunch as Pret a Manger announced plans to expand across the Iberian Peninsula. (The Daily Mail)

Boris Johnson’s new “cost of living tsar” is an online entrepreneur who recently called on the prime minister to quit and has claimed voting Tory is “a form of self-harm” (The Financial Times £). Boris Johnson’s new cost of living tsar said he should quit over the partygate row and accused him of lacking “intelligence or integrity” (The Telegraph).

The Guardian profiles the Just Eat takeaway tycoon turned UK cost-of-living tsar. Buttress says Welsh council estate upbringing adds wealth of experience needed to help others make ends meet. (The Guardian)

A Guardian editorial on the government’s food strategy says: “Recent polling showed strong public support for restricting advertising and junk food promotions. No one believes that such steps are a panacea. Obesity is a complex problem. But amid the wider disappointment with the government’s empty food strategy, its capitulation to Big Food leaves a bitter taste.” (The Guardian)

American factory gate prices rose strongly last month in a further sign of pressure from inflation that is rising at the fastest pace in 40 years. (The Times £)

Sri Lanka is giving government officials an extra day off a week to encourage them to grow food, amid fears of a food shortage. (The BBC)

German beer drinkers face higher prices at the bottom of the glass. A 368-year-old Bavarian brewery has been slow to pass on soaring costs but it may soon have no choice. (The Financial Times £)

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