The pound has fallen to a new 37-year low against the US dollar after figures showed UK retail sales fell sharply last month.
The larger-than-expected drop in sales volumes of 1.6% prompted fresh concerns over the state of the economy as the cost of living crisis hits households.
Sterling fell more than 1% against the dollar to $1.13, its lowest since 1985, following the release of the retail sales figures. A weak pound means Brits travelling overseas will find their spending money will not stretch as far. Francesco Pesole, a currency expert an ING, said: “This morning’s retail sales in the UK continued to show a deteriorating consumption picture in the UK, which emerged more from the continuation of a steady downtrend from last summer rather than the single grim data point in a rather volatile series.
Belgique Dernières Nouvelles, Belgique Actualités
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