The pound has plummeted to its lowest level against the US dollar since decimalisation more than 50 years ago 😬
The pound has plummeted to its lowest level against the US dollar since decimalisation more than 50 years ago.
Tourists are also likely to face higher prices abroad, while the AA said last week – before the latest drop – that drivers were facingIt is partly the result of a strong dollar, with the Euro also hitting a fresh 20-year low amid recession and energy security fears amid the Ukraine war. Kwasi Kwarteng previously brushed off questions about the markets’ reaction to his bold spending plans – which outlined the biggest programme of tax cuts for 50 years, including more than £70 billion of increased borrowing.But Mr Kwarteng claimed yesterday that the cuts ‘favour people right across the income scale’.
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