Published 2 years ago

Sterling collapses as investors fly into dollars

Summary by Ground News

Sterling drops to its lowest level against the U.S. dollar in history. The pound is continuing its selloff from Friday after new Chancellor of the Exchequer Kwasi Kwarteng unveiled a budget of tax cuts and spending that worried traders. The strong greenback is also weighing on oil prices, with Brent crude falling through $85 per barrel earlier.

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Times of India

Pound hits record low against dollar on recession fears

Investors began dumping the pound on Friday after Kwarteng, who was put in place by Liz Truss after she became prime minister earlier this month, set out plans to slash taxes in a bid to kickstart the ailing British economy.

2 years ago·India

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BBC News

Pound hits record low after tax cut plans

Sterling sinks close to $1.03 as global markets react to the UK's biggest tax cuts in 50 years.

2 years ago·United Kingdom

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The Guardian

Sterling slides back towards record low despite Bank of England and Treasury attempts to reassure markets – business live

Bank of England issues statement saying it ‘will not hesitate’ to change interest rate but has not implemented an emergency rise

2 years ago·London, United Kingdom

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The Independent

Pound recovering after hitting all-time low against the dollar

Sterling plunged to its lowest level against the US dollar - at just over $1.03 - since decimalisation in 1971

2 years ago·London, United Kingdom

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Reuters

Pound plunge the latest ill omen as market stress rises

Sterling slumped to a record low on Monday, and a renewed selloff in British gilts pushed euro zone yields higher as the fall out from last week's fiscal statement in Britain roiled markets for a second session.

2 years ago·United Kingdom

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NDTV

Sterling Collapses To All-Time Low As New Fiscal Plan Spurs Investor Exodus

Sterling tumbled to a record low on Monday as traders scampered for the exits on speculation the new government's economic plan will stretch its finances to the limit.

2 years ago·New Delhi, India

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