Slumping pound, soaring yields show mammoth task for Truss ...Qatar

A currency near the lowest in decades, an unprecedented surge in government borrowing costs and record underperformance in domestic stocks – such is the dismal scene in markets that awaits Liz Truss, Britain’s new prime minister. The pound, already down about 15% this year versus the dollar, just posted its worst monthly performance since the 2016 Brexit vote. Meanwhile, borrowing costs for businesses have jumped after six back-to-back rate hikes by the Bank of England, while expectations of further increases have shot up amid warnings that inflation will spiral further out of control. S&P Global said Monday that its composite indicator for private-sector production showed a contraction for

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