Pound falls below $1.10 for first time since 1985 following mini-budget

Summary by Ground News

Prospect of surge in government borrowing to cover chancellor’s sweeping tax cuts sparks sell-off. The pound has fallen below $1.10 for the first time since 1985 as investors took fright at the prospect of a surge in government borrowing to pay for Kwasi Kwarteng’s sweeping tax cuts.

Pound falls below $1.10 for first time since 1985 following mini-budget

5 days ago·London, United Kingdom

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Times of India

UK economy worries grow: Pound plummets to 37-year low against dollar

United Kingdom’s pound falls to its weakest against the US dollar, further increasing problems for the country. The UK is to experience a worse downturn in its economy since the fall of the pound.

5 days ago·Mumbai, India

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BBC News

Pound sinks as investors question huge tax cuts

Markets worry over the outlook for government finances following the biggest tax cutting moves in 50 years.

5 days ago·United Kingdom

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Reuters

The market is upset due to major tax cuts and increased borrowing in the UK, pound and British bonds plummeted

[LONDON 23rd Reuters] - British Finance Minister Kwateng announced large-scale tax cuts and significant borrowing increases on the 23rd. In response to this, agitation spread in financial markets, and the price of the pound and British bonds plummeted. In the tax reduction measures, in addition to lowering the maximum income tax rate, the corporate tax rate was raised and frozen, and stamp duty reduction at the time of real estate purchase was i…

5 days ago·United Kingdom

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