September 7, 2022

British Pound falls to its lowest level since 1985

By Shirvan Williams

The British pound has hit its lowest level against the US dollar in almost four decades. The announcement was made earlier today as the sterling fell to USD $1.1407, its lowest point since 1985. The pound has lost more than 15% against the dollar so far this year and UK inflation is already the highest of the G7 economies as a recession has been forecast by analysts.

The British pound has been hammered over recent months by surging inflation. The appointment of new PM Liz Truss, who is widely expected to cut taxes and boost borrowing, has added to U.K. debt market concerns.

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