British pound falls to new low against the dollar after taxes slashed

Posted on AllSides September 26th, 2022
From The Left
Banking and Finance, British Pound, US Dollar
Chris Ratcliffe/Bloomberg

The British pound hit an all-time low against the U.S. dollar on Monday, reflecting a highly negative review of the new government’s plan for big tax cuts and borrowing and adding to the anxiety of consumers already preparing for soaring energy bills this winter.

The sharp drop in the value of the pound comes as the British government grapples with soaring public debt and a cost-of-living crisis, amid deteriorating investor confidence. It also raised the prospect that Britain’s central bank may intervene in currency markets to shore up the pound.

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