The British pound tumbled again overnight despite intervention by the Bank of England to restore "orderly market conditions".
The central bank intervention came after a rare rebuke from the International Monetary Fund which warned that the UK government's plans for tax cuts are risky, and they could accelerate inflation, and increase inequality.
Mohamed El-Erian is president of Queens' College Cambridge University and a former deputy director of the IMF.
His report grade on the UK central bank's emergency response is far from an A. Bloomberg senior editor John Authers spoke to Corin Dann.
Currencies around the world are continuing to tank against a surging US dollar.
The New Zealand dollar yesterday fell below 56 US cents for the first time in more than two years. earlier this hour it was sitting at 57.2
The internationally-traded Chinese yuan is down to its lowest level against the US-dollar since data first became available in 2011.
