Why has the value of the pound tumbled?
The value of the pound has fallen to a 37-year low against the dollar following the mini-budget. The pound also fell more than 1% against the euro.
Many people don't think about exchange rates until it's time to swap money for a foreign holiday. When you travel abroad, things will be more expensive if the pound buys less of the local currency.If the pound is worth less, the cost of importing goods from overseas goes up. Technology goods, like iPhones, can also become more expensive as British customers lose out compared to Americans from the dollar's strength.The pound plummeted in response to the UK government's huge tax cutting mini-budget.Jane Foley, a currency strategist at Rabobank, said the sell-off showed investors have doubts about the government's plans.
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