THE DAILY BRIEFING

POUND RALLIES Sterling fell against the US dollar to below $1.27 for the first time in more than 30 years yesterday before bouncing back.

The pound dropped to $1.2686 in early trading – a level last seen in 1985 – but later recovered to $1.2771.

Sterling has been under pressure since the Brexit vote amid concerns over the UK’s future relationship with the european union.

HAMMOND PLEDGE Philip hammond will today tell Wall Street bankers that Britain is still the best place in the world to do business after the Brexit vote. On his way to IMF and World Bank annual meetings in Washington, the Chancellor will stop in New York to meet leaders from banks employing more than 25,000 people in the UK, including Goldman Sachs, morgan Stanley and Citi. OIL BOUNCE The oil price rose above $52 a barrel to its highest level since June. Oil is now up around 25pc in the past two months, which threatens to push up prices at the pumps for British motorists. JOCKEY WOE Jockeys have been urged to move their money out of high Street banks after losing money in a ‘fairly rudimentary scam’.

The Professional Jockeys Association said about 30 jockeys and trainers had been targeted and blamed the losses – thought to be a six-figure sum – on ‘the ineptitude of the major banks in preventing the fraud’. PAY PRESSURE Bosses should meet workers once a year to discuss executive pay, a top investing firm has said. legal & General Investment management put the plans forward in a paper challenging fat cat wage bills. EGYPTIAN SALE Barclays has sold its business in egypt to moroccan firm Attijariwafa Bank.

No price has been disclosed but sources said the operation was worth around £313m. It is part of a strategy by Barclays boss Jes Staley to refocus on US and UK markets. NEW MARKET Time Out, best known for its magazines, is setting up its own food and drinks market in Porto, Portugal. The market will house 15 restaurants, four bars, four shops, a cafe and an art gallery, each based on the magazine’s best picks of the city, and is set to open late next year. SPENDING SPREE Contactless card spending has topped £2bn in the space of a month across the UK for the first time. A total of £2.1bnworth of payments were made in July, the UK Cards Association said – nearly a fifth of all card spending.

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