On Tuesday, sterling fell below $1.19 for the first time since March 2020, when the government announced the first Covid lockdown. It came as Boris Johnson’s government plunged into further chaos after the resignation of senior officials, including chancellor Rishi Sunak. In a parting shot at the prime minister, Mr Sunak said part of his reason for resigning was that the government needed to be honest that the road to a better future “wasn’t easy”.
