Why is the pound falling? So, it seems using interest rates only to buck the trend does not work. You have to solve the cause.
Who remembers black Wednesday?
The UK’s withdrawal from the European Exchange Rate Mechanism on 16 September 1992 meant a rise in the base interest rate from 10 per cent to 12 per cent at 10.30am on that day; later that day there was a promise from John Major’s government to raise the rate further to 15 per cent. These actions were taken to encourage speculators to buy sterling.
Would you adam and eve it?
“Sterling is still weak on its own, and that is despite the fact that the Bank of England has hiked interest rates five times this cycle already, and the reason for that is that the market is very concerned about the growth outlook here in the UK.”
https://inews.co.uk/news/pound-falling-why-gbp-to-euro-dollar-rate-explained-1824975