Published 2 years ago

British pound plunges to new low as tax cuts spark concern

Summary by Ground News

The pound falls to its lowest level since the decimalization of the currency in 1971. The weakening currency piles pressure on the U.K.'s new Conservative government. Many economists say it's more likely to fuel already high inflation, push down the pound. The Bank of England said it is monitoring the drop in the pound and would not hesitate to boost interest rates.

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Times of India

British pound plunges to new low as tax cuts spark concern

The weakening currency piles pressure on the U.K.'s new Conservative government, which has gambled that slashing taxes - and increasing borrowing to compensate - will spur economic growth. Many economists say it's more likely to fuel already high inflation, push down the pound and drive up the cost of U.K. government borrowing - a potential perfect storm of economic headwinds.

2 years ago·India

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Star Advertiser

British pound plunges to new low as tax cuts spark concern

LONDON >> The British pound fell to an all-time low against the U.S. dollar early today after Treasury chief Kwasi Kwarteng pledged a sweeping package of tax cuts, fueling concerns about the government’s economic policy as the United Kingdom teeters toward recession.

2 years ago·Honolulu, United States

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News 4 JAX

British pound plunges to new low as tax cuts spark concern

The British pound fell to all-time low against the U.S. dollar early Monday after Treasury chief Kwasi Kwarteng pledged a sweeping package of tax cuts, fueling concerns about the government’s economic policy as the United Kingdom teeters toward recession.The pound fell as low as $1.0373, its lowest level since the decimalization of the currency in 1971, before rallying to above $1.06 in London late afternoon trading. The weakening currency piles…

2 years ago·Jacksonville, United States

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Boston Herald

British pound plunges to new low as tax cuts spark concern

By DANICA KIRKA and JILL LAWLESSLONDON (AP) — The British pound fell to all-time low against the U.S. dollar early Monday after Treasury chief Kwasi Kwarteng pledged a sweeping package of tax cuts, fueling concerns about the government’s economic policy as the United Kingdom teeters toward recession.The pound fell as low as $1.0373, its lowest level since the decimalization of the currency in 1971, before rallying to above $1.06 in London late a…

2 years ago·Boston, United States

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