What does the pound hitting a record low mean for your money? 🔎 connie_dimsdale explains: PoundSterling
The pound fell to its lowest level against the U S dollar since 1985, as concerns grew at the prospect of a surge in UK government borrowing to pay for tax cuts just days after the UK Government announced the biggest tax cuts in 50 years.
The drop was fuelled by fears that interest rate hikes and Mr Kwarteng’s historic tax cuts would lead to aInflationIf the Sterling stays around this level, then imports priced in dollars will increase and so will goods coming in from the US. This means commodities including oil and gas could become more expensive.and hitting double digits over the summer.although prices are still rising at nearly their fastest rate in 40 years.and it also pushes up the price of fuel at petrol pumps.
A spokesperson said: “A weaker pound will make goods more expensive for both companies and consumers.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Calls for interest rate hike as pound slumps to new 37-year lowThe pound slumped to a 37-year low against the US dollar yesterday after the Government unveiled its radical tax-cutting plans. 📉
Lire la suite »
Pound slumps to record low against dollarSterling plunged to below $1.04 as global markets react to the UK's biggest tax cuts in 50 years.
Lire la suite »
Pound falls to record low against dollar after mini BudgetTHE pound has fallen to its lowest level against the dollar since decimalisation in 1971. Sterling fell by more than 4% to just $1.03 in early Asia trade before. Sterling gained some ground to abou…
Lire la suite »
Pound slumps to record low against dollarSterling plunged to below $1.04 as global markets react to the UK's biggest tax cuts in 50 years.
Lire la suite »
Pound slumps to record low against dollar after Chancellor hinted at more tax cutsThe pound has slumped to its lowest level against the dollar since decimalisation in 1971, after the Chancellor hinted more tax cuts would follow those he announced in last week's 'mini-budget'.
Lire la suite »