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The pound sterling has slumped to a record low against the dollar. Britain's central bank has said it won't hesitate to take action to control inflation, which could include a substantial rise in interest rates.

Some economists predict the Bank of England may call an emergency meeting as soon as this week to tackle the issue. Meanwhile, other global currencies have also slumped, but the US dollar continues to be strong.

Edwin Truman was the director of International Finance at the US Federal Reserve in 1985 - the last time the dollar was so strong against the pound. Today he is a senior fellow at the Harvard Kennedy School. He answers why the dollar is so strong: "It's particularly strong because the US has been raising interest rates more rapidly than other countries... it is less impacted by the Russian invasion of Ukraine."

(Photo: UK and US currencies displayed on a table. Credit: Tolga Akmen via EPA-EFE/REX/Shutterstock)