Pound falls more than 1% against dollar after BoE move

This file photo taken on April 22, 2022 shows pounds and US dollar banknotes displayed on a table in London. (File photo: AFP)

The British pound sank Thursday by more than one percent against the dollar after the Bank of England intervened on the bond markets to head off a fresh financial catastrophe.

Sterling slid as low as $1.0763 in early morning London deals, one day after the BoE snapped up long-dated government bonds in order to prevent a "material risk" to stability.