23.04.202606:20:20UTC+00Pound Weakens Slightly on US-Iran Standoff

The British pound fell below $1.35 against the US dollar today, reflecting market unease as tensions between the United States and Iran continue. With peace talks stalled, the two countries remain at odds over control of the strategically vital Strait of Hormuz. US President Donald Trump has confirmed that the ceasefire agreed on April 7 will remain in force indefinitely while Washington awaits a new proposal from Tehran, although Iranian officials have signalled no intention to resume negotiations in the near term.

In UK politics, Morgan McSweeney, former chief of staff to Prime Minister Keir Starmer, is due to appear before the Foreign Affairs Select Committee next Tuesday. His evidence session follows claims by former Foreign Office Permanent Secretary Olly Robbins that Downing Street questioned whether Peter Mandelson required vetting. Meanwhile, Labour MP Jonathan Brash, who captured Mandelson’s former Hartlepool seat in 2024, has argued that the continuing scandal has effectively paralysed the government and made Starmer’s resignation unavoidable.