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The collapse of the value of the pound in the wake of Friday’s mini-budget appears to have stalled, for now, but only thanks to market expectations that the Bank of England will still be forced to intervene.

The rout for sterling, which began after Chancellor Kwasi Kwarteng revealed a £45bn tax cut plan on top of government aid for energy bills, was a consequence of concern over the levels of borrowing required.

It essentially called in to question the confidence the market had for sustainable public finances in the UK, also pushing up the rates demanded by investors to hold UK bonds – government IOUs – which will be used to fund the growth plan.

The pound hit an all-time low versus the dollar of $1.03 early on Monday but it later recovered some lost ground and had settled around $1.08 on Tuesday.

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There were three main factors behind the limited fightback.

One was a statement from the Treasury on Monday aimed at soothing nerves around Friday’s giveaways.

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It revealed that Mr Kwarteng was to set out a “medium-term fiscal plan” on 23 November which would also contain independent analysis from the Office for Budget Responsibility – a check that was lacking in the mini-budget.

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Why Bank of England shunned emergency rate hike

The second was due to a statement from the Bank of England which affirmed it would “not hesitate” to raise interest rates to prop up the value of sterling but added that it would make a full assessment at its next scheduled meeting.

The final facet can be traced across the Atlantic where the dollar – the world’s reserve currency which has strengthened significantly this year amid the economic turmoil linked to Russia’s war in Ukraine – fell back against a basket of international currencies.

Analysts cited renewed investor interest in stocks but remained cautious about the outlook as markets, already jittery at the prospect of US interest rates staying higher for longer, have been further unnerved by the upheaval for the pound and UK bond yields.

There was some relief for the government when the Treasury successfully raised £1.2bn through a bond sale on Tuesday morning.

The amount was covered 2.3 times, which Sky’s economics and data editor Ed Conway said showed there was “no shortage of appetite” for the debt.

The market volatility has been blamed for a number of mortgage providers withdrawing products from sale.

Such moves are expected to be only temporary amid the turmoil of the past few days.

Many market participants talked about a long road back to recovery for sterling because credibility had been lost.

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Why has the pound fallen to a record low?

Allan Monks, an economist at America’s largest bank JP Morgan, said the statements from the Bank and Treasury had been “measured”.

“But there is still no clear sign that the source of the problem – the government’s fiscal strategy – is being reversed or reconsidered,” he complained.

“This will need to happen before November in order to avoid a much worse outcome for the economy.”

Larry Summers, a former US Treasury Secretary, also spoke about credibility being lost and suggested that the crisis would affect London’s viability as a global financial centre.

Seema Shah, chief strategist at Principal Global Investors which manages around $500bn in assets, told the Reuters news agency: “Once a market starts to move with this kind of momentum, it’s hard to put a number on where it (sterling) will trough.

“But as an investor you take a long-term view. If you look at the UK as somewhere to invest over five years, for me that’s a no.”

Others said another factor behind sterling’s performance since Monday afternoon was that money leaving UK bonds was finding its way to the currency instead – but only because of the higher rate hike expectations.

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Victoria Scholar, head of investment at Interactive Investor, said markets were pricing in an emergency rate hike with 175 basis points’ (1.75%) worth of increases by November.

“The slump in sterling could exacerbate the UK’s inflation problem, with price levels currently flirting with double digits.

“More expensive imports may add to the UK’s upward price pressures, which is likely to prompt more aggressive action from central bank policy makers.”

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Jeff Stewart: Actor who played Reg Hollis in The Bill helps police arrest shoplifter

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Jeff Stewart: Actor who played Reg Hollis in The Bill helps police arrest shoplifter

The actor who played PC Reg Hollis in hit TV series The Bill has been praised by officers after helping them arrest a shoplifter.

Jeff Stewart stepped in when a thief attempted to escape on a bicycle in Southampton on Wednesday.

In a statement, a Hampshire Constabulary spokesman said: “The thief, 29-year-old Mohamed Diallo, fell off the bike during his attempts to flee, before officers pounced to make their arrest.

“To their surprise, local TV legend Jeff Stewart, who played PC Hollis for 24 years in The Bill, came to their aid by sitting on the suspect’s legs while officers put him in cuffs.

The Bill actors, from left to right; Jeff Stewart, Roberta Taylor, Mark Wingett, Trudie Goodwin and Cyril Nri
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(L-R) Jeff Stewart, Roberta Taylor, Mark Wingett, Trudie Goodwin and Cyril Nri celebrating The Bill’s 21st anniversary in 2004. Pic: PA

“In policing you should always expect the unexpected, but this really wasn’t on The Bill for this week.”

The Bill was broadcast on ITV between 1984 and 2010 and featured the fictional lives of police officers from the Sun Hill police station in east London.

Mr Stewart, who was among the original cast, appeared in more than 1,000 episodes as PC Hollis.

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Still of police footage of actor Jeff Stewart who played PC Reg Hollis in The Bill helping arrest a shoplifter in Southampton
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Police released footage showing their pursuit of a shoplifter in Southampton. Pic: Hampshire Constabulary

Still of police footage of actor Jeff Stewart who played PC Reg Hollis in The Bill helping arrest a shoplifter in Southampton
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As the suspect falls to the floor, PC Hollis (aka Jeff Stewart) sits on his legs. Pic: Hampshire Constabulary

In praising Mr Stewart’s actions, the force said: “Long since retired from Sun Hill station – but he’s still got it.”

Police from the Bargate Neighbourhoods Policing Team were alerted by staff at a Co-op store in Ocean Way to a suspected shoplifter on Wednesday.

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Mohamed Diallo, 29, of Anglesea Road, Southampton, was subsequently charged with five offences of theft relating to coffee, alcohol and food from the Co-op and two other Sainsbury’s stores on three dates in April and July.

He pleaded guilty at Southampton Magistrates’ Court on Thursday and was bailed to be sentenced on August 29.

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Oasis photographers remember the early days: ‘The journalist had to take a week off afterwards!’

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Oasis photographers remember the early days: 'The journalist had to take a week off afterwards!'

It was a cold, typically rainy Manchester evening, October 1993, when Michael Spencer Jones set out to meet a new guitar band he had been commissioned to photograph.

The weather was miserable, he didn’t know their music, wasn’t totally in the mood. “I had to drag myself from home, thinking: is it going to be worth the trouble?”

On the drive to the Out Of The Blue studio in Ancoats, on the outskirts of the city centre, a song he’d never heard before came on the local radio station. “It was like, wow, what is that?” The track was Columbia, by Oasis, the band he was on his way to meet.

He started to get excited.

Oasis star Liam Gallagher. Photo: © Michael Spencer Jones
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Liam Gallagher at the Out Of The Blue studios in October 1993. Photo: © Michael Spencer Jones

Spencer Jones had previously met Noel Gallagher during the musician’s time as a roadie for fellow Manchester band Inspiral Carpets. But not Liam.

“As a photographer, obviously, the aesthetic of a band is massively important,” he says as he recalls that first shoot. “I’m just looking down the camera lens with a certain amount of disbelief.”

In front of him was a 21-year-old, months before the start of the fame rollercoaster that lay ahead. And yet. “I was looking at a face that just seemed to embody the quality of stardom.”

Liam Gallagher pictured in one of the outtakes for the Be Here Now cover shoot. Pic: © Michael Spencer Jones
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Liam Gallagher pictured during the shoot for the cover of Be Here Now. Photo: © Michael Spencer Jones

‘Success was inevitable’

It was the start of a partnership that continued throughout the band’s heyday, with Spencer Jones shooting the covers for their first three albums, their most successful records, and the singles that went with them.

“You work with bands pre-fame and there’s always that question: are they going to make it? With Oasis there was never that question. Their success was inevitable.”

There was a confidence, even in those early days. “Incredible, intoxicating confidence. [They were] not interested in any kind of social norms or social constraints.”

It wasn’t arrogance, he says, of a criticism sometimes levelled at the Gallaghers. “They just had this enormous self-belief.”

Spencer Jones was one of several photographers who followed the band, capturing the moments that became part of rock history.

Oasis in Paris on the banks of The Seine in 1995 (L-R). Pic: Jill Furmanovsky
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Tension on the banks of The Seine in Paris in 1995. Photo: © Jill Furmanovsky

‘Noel had an uncanny intuition’

Jill Furmanovsky, who started working with Oasis towards the end of 1994, a few months after the release of debut album Definitely Maybe, says Noel always seemed aware their time together should be documented.

“An uncanny intuition, really, that it was important,” she says. “I think Noel has been aware right from the start, because for him that’s what he used to look at when he used to buy his Smiths records or Leo Sayer or whatever, he would stare at the covers and be fascinated by the pictures.”

Contrary to popular belief, Furmanovsky says the brothers got on fairly well most of the time, “otherwise they wouldn’t have been able to function”.

Oasis around the release of Be Here Now in 1997. Pic: Jill Furmanovsky
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This image was taken around the release of third album Be Here Now in 1997. Photo: © Jill Furmanovsky

She picks one shoot in 1997, around the release of their third album, Be Here Now, as one of the more memorable ones. Noel had shared his thoughts about the band on a chalkboard and “they were having such a laugh.”

But when things did erupt, it became significant. “There were tensions in some shoots but they never started hitting each other in front of me or anything like that. I used to complain about it, actually – ‘don’t leave me out of those pictures where you’re really arguing!’.”

In Paris in 1995, tensions had boiled over. “It’s one of my favourites,” she says of the shoot. “It reflects not just the band but the family situation, these brothers in a strop with each other.”

What is notable, she says, is that they were happy for photographers to take candid shots, not just set up pictures to show them “looking cool”. Pictures that on the surface might sound mundane, showing “what they were really like – tensions, mucking about, sometimes yawning… This was the genius of Noel and [former Oasis press officer] Johnny Hopkins.”

Furmanovsky also notes the women who worked behind the scenes for Oasis – unusual at a time when the industry was even more male-dominated than it is now – and how they kept them in line.

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Oasis stars Liam and Noel Gallagher during a break from the Wonderwall video shoot September 1995. Pic: Jill Furmanovsky
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The brothers pictured during a break from the Wonderwall video shoot September 1995. Photo: © Jill Furmanovsky

“They got on well working with women,” she says. “Maggie Mouzakitis was their tour manager for ages and was so young, but she ruled. For a band one could say were a bunch of macho Manchester blokes, they had a lot of women working in senior positions.”

This is down to the influence of their mum, Peggy, she adds. “Absolutely crucial.”

Furmanovsky has been working with Noel on an upcoming book documenting her time with the band, and says she initially wanted to start with a picture of the Gallagher matriarch. “Noel said to me, ‘Jill, you do know she wasn’t actually in the band?'”

Oasis stars Noel and Liam Gallagher in Portland Street, Manchester, in August 1995. Pic: Kevin Cummins
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The Gallaghers in Portland Street, Manchester, in August 1995. Photo: © Kevin Cummins/ Iconic Images 2025

Touring with Oasis – ‘the journalist had to take a week off’

Kevin Cummins was commissioned to take pictures when Oasis signed to Creation Records, and it “kind of spiralled out of control a little bit”, he laughs.

“I photographed them for NME, gave them their first cover. I photographed them in Man City shirts because we were all Man City fans, and City were at the time sponsored by a Japanese electronics company, Brother. It seemed a perfect fit.”

The early days documenting the band were “fairly riotous”, he says. “They were quite young, they were obviously enjoying being in the limelight.

“I remember we went on tour with them for three days for an NME ‘on the road’ piece, and the journalist who came with me had to take a week off afterwards.

“I dipped in and out of tours occasionally – I’ve always done that with musicians because I cannot imagine spending more than about seven or eight days on tour with somebody, it would drive you nuts. They’re so hedonistic, especially in the early days. It’s very, very difficult to keep up.”

Photos of Oasis taken by Kevin Cummins are on display at Wembley Park throughout the summer. Pic: Kevin Cummins/ Iconic Images 2025
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Photos of Oasis taken by Kevin Cummins are on display at Wembley Park throughout the summer. Photo: © Kevin Cummins/ Iconic Images 2025

Cummins says the relationship between Noel and Liam was “like anybody’s relationship, if you’ve got a younger brother – he’d get on your nerves.”

During the shoot for the City shirt pictures, he says, “Liam kicked a ball at Noel, Noel pushed him, Liam pushed him back. They have a bit of a pushing match and then they stop and they get on with it.”

Another time, following a show in Portsmouth, “as soon as we got [to the hotel] after the gig, Liam threw all the plastic furniture in the pool. Noel looked at him and said, ‘where are we going to sit?’ And he made him get in the pool and get all the furniture out. So there were like attempts at being rock and roll, and not quite getting it right sometimes.”

Cummins says he has “very affectionate” memories of working with Oasis. “I’ve got a lot of very sensitive looking pictures of Liam and people are really surprised when they see them,” he says. “But he is a very sensitive lad… it’s just he was irritating because he was younger and he wanted to make himself heard.”

Photographes taken by Kevin Cummins are on display at Wembley Park throughout the summer
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Photo: © Kevin Cummins/ Iconic Images 2025

Getting ready for the reunion

All three photographers have yet to see the reunion show, but all have tickets. All say the announcement last summer came as a surprise.

“There was an inkling of it, I suppose, just in the thawing of the comments between the brothers, but I still wouldn’t have guessed it,” says Furmanovsky, who has a book out later this year, and whose pictures feature in the programme. “It’s wonderful they have pulled it off with such conviction and passion.”

Cummins’ work can be seen in a free outdoor exhibition at Wembley Park, which fans will be able to see throughout the summer until the final gigs there in September.

“I think the atmosphere at the gigs seems to have been really friendly… I like the idea that people are taking their kids and they’re passing the baton on a little bit,” he says. “Everyone’s just having a blast and it’s like the event of the summer – definitely something we need at the moment.”

Noel and Liam Gallagher returning to the house where the cover for Definitely Maybe was shot. Pic: © Michael Spencer Jones
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The Gallaghers returning to Bonehead’s former home, where the cover for Definitely Maybe was shot. Photo: © Michael Spencer Jones

Spencer Jones, who released his second Oasis book, Definitely Maybe – A View From Within, for the album’s 30th anniversary last year – adds: “They really seem to be capturing a new generation of fans and I don’t think a band has ever done that [to this extent] before. Bands from 20, 30 years ago normally just take their traditional fanbase with them.”

But he says his first thought when the reunion was announced was for the Gallaghers’ mum, Peggy. “I think for any parent, to have two children who don’t talk is pretty tough,” he says. “It’s that notion of reconciliation – if they can do it, anyone can do it.

“The fact they’re walking on stage, hands clasped together, there’s a huge amount of symbolism there that transcends Oasis and music. Especially in a fractured society, that unity is inspiring. Everyone’s had a bit of a rough time since COVID, battle weary with life itself. I think people generally are just gagging to have some fun.”

Brothers: Liam And Noel Through The Lens Of Kevin Cummins is on at Wembley Park until 30 September. Definitely Maybe – A View From Within, by Michael Spencer Jones, available through Spellbound Galleries, is out now. Oasis: Trying To Find A Way Out Of Nowhere, by Jill Furmanovsky and edited by Noel Gallagher, published by Thames & Hudson, is out from 23 September.

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Govt ‘shadowy’ to reveal Rayner warning about social cohesion in ‘readout’, Harriet Harman says

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Govt 'shadowy' to reveal Rayner warning about social cohesion in 'readout', Harriet Harman says

It was “shadowy” of the government to reveal Angela Rayner warned about the threat to social cohesion in a “readout”, Harriet Harman has said.

On Wednesday, Downing Street released a “cabinet readout” saying the deputy prime minister told ministers the government “had to show it had a plan to address people’s concerns” to defuse community tensions.

She said immigration was having a “profound impact on society” and noted 17 out of 18 places where protests broke out last summer after kicking off in Southport were the most deprived areas in Britain.

This was widely interpreted as a warning that riots could happen this summer.

But Baroness Harman told Beth Rigby on the Electoral Dysfunction podcast that announcing it in a “readout” – given to journalists after a cabinet meeting – was not the way to do things.

“These are quite huge issues – the potential for disorder, social integration, the public mood, and ahead of summer,” the Labour peer said.

“I don’t know whether I’m just a bit old-fashioned about this, but I think it’s better when government are making statements like that they give people an opportunity to ask questions rather than this kind of sort of rather shadowy way of doing it.”

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Read more: Essex Police say Farage claims about migrant hotel protest are ‘categorically wrong’

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Essex Police chief denies Farage claims

The former minister added that cabinet meetings are supposed to be secret so that everybody around the table can speak and say “anything they want because there is this protected thing”.

“You don’t say what’s happening at cabinet,” she added.

“And if anybody asks in the House of Commons or anywhere else, what happened in cabinet, the automatic response is ‘we don’t talk about what’s happened in cabinet, it’s private’. And they’ve sort of slightly breached that now.

“So is it now a situation where anybody can be asked, what did somebody say in cabinet?

“Or is it only that the prime minister can say what happened in cabinet?

“It’s a bit puzzling.”

Baroness Harman’s comments came after protests in Epping last week outside a hotel housing asylum seekers turned violent.

More than 1,000 people gathered outside The Bell Hotel in protests over two nights after an asylum seeker was arrested and charged on suspicion of alleged sexual assault of a 14-year-old girl in the town.

Counter-protesters joined, and this week Reform UK leader Nigel Farage accused Essex Police of bussing them in, which the force said was “categorically wrong”.

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