Rolling coverage of the latest economic and financial news

• Sterling drops after Bank of England boss hints at ‘aggressive’ rate cuts
• Carmakers ramp up pressure on chancellor for EV sales subsidies

The pound jumped as traders reacted to Huw Pill’s call for a cautious approach to interest rate cuts.

It rallied as high as $1.3164, up from $1.312 last night,before settling back at $1.315