British Pound Hits Record Low Against Dollar

Posted on AllSides September 26th, 2022
From The Center
Banking and Finance, British Pound, US Dollar
Source: Tullett Prebon

The British pound hit its lowest-ever level against the U.S. dollar Monday, dropping heavily after the U.K. government announced a series of tax cuts on Friday, before later paring losses.

The currency touched $1.0349 during Asian trading hours Monday, breaking through its previous record low in 1985. The pound was recently trading at $1.0776.

The currency sold off dramatically after U.K. Chancellor of the Exchequer Kwasi Kwarteng unveiled a massive tax-cutting package Friday, which will be paired with subsidies for households and businesses.

"I'm always calm," Mr. Kwarteng said Monday. "Markets move...

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