• Cable falls to 1.2274 amid crisis of confidence in Britain's fiscal outlook

• 1.2274 is lowest level since November 2023 (1.2096 was low that month)

• 10-year gilt yield rose to highest level since 2008 Wednesday

• 1.2321 (Wednesday low) is now a GBP/USD resistance level, with 1.2375 beyond

• Drop to 1.2321 was spurred by CNN report about Trump's tariff plans

• Will Trump policies lengthen inflation fight? BoE's Breeden speaks 1600 GMT

(Robert Howard is a Reuters market analyst. The views expressed are his own)