British pound hits a 37-year low as UK economy skids

The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking

London .

The currency fell below $1.14, its lowest since 1985, after the Office for National Statistics said that retail sales in August dropped 1.6% month-over-month, the biggest decline since December 2021 and significantly worse than economists had expected."I think the UK is in recession already," said Michael Hewson, chief market analyst at CMC Markets UK.

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