Economy / FinanceEuropeJust In - Classified

British Pound Hits All-Time Low as PM Truss is Accused of Gambling With Economy


The British pound has plunged to an all-time low against the dollar with investors looking for exits after the new Tory government’s fiscal plan threatened to stretch the crisis-battered country’s finances to breaking point. The pound nosedived nearly 5 percent at one point to $1.0327, its lowest since the United Kingdom went decimal in 1971, reports said on Monday. On Monday, the British currency plummeted to an unprecedented $1.0327, extending a 3.61 percent dive from Friday, when new Finance Minister Kwasi Kwarteng enacted historic tax cuts. The pound’s latest dive, which saw the British currency fall to near parity with…

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