Sterling falls through $1.50 as sell-off continues

The pound has fallen further against the dollar in early trading, deepening a slump that began yesterday after the Bank of England reassured investors about the future path of the base rate.

Yesterday a surprise forward-looking statement from the Bank of England - which said markets' expectation that interest rates could rise as soon as late-2014 was "not warranted" - caused sterling to fall sharply against the dollar and lifted equities. That trend is continuing today, with the pound sliding to $1.4969 by 11:15am, off more than one cent versus the dollar. The fall - which follows a drop of 1.4% yesterday, sterling's biggest one-day fall for nearly two years - have left the pound at a three-month low versus the  greenback. The moves mean sterling is now nearing multi-y...