Sterling has dropped to its lowest level since Rishi Sunak became prime minister ahead of this afternoon’s expected interest rate rise by the Bank of England.

Markets are expecting the Bank to raise rates by 75 basis points, in what would be the biggest increase for 33 years.

But a surprise 50 basis point move – or major dissent from members of the MPC – would add to pressure on the currency.

The COP27 conference is taking place in Egypt and Mr Sunak had initially ruled out attending before signalling he could U-turn in the face of widespread criticism.

Read up to date coverage: https://www.telegraph.co.uk/politics/2022/11/02/rishi-sunak-latest-news-rishi-sunak-suella-braverman-pmqs-starmer/

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