Imports of commodities priced in dollars, including oil and gas, could become more costly
If the pound stays at this low level against the dollar, imports of commodities priced in dollars, including oil and gas, will be more costly.
On Friday, Chancellor Kwasi Kwarteng announced a massive shake-up of UK taxes during a "mini-Budget". Speaking to the BBC on Sunday, Mr Kwarteng said he wants to keep cutting taxes as part of an effort to boost UK economic growth. Peter Escho, the co-founder of investment firm Wealthi, said: "All currencies are getting sold off against the US dollar, so there is a large element of US dollar strength. But with the pound, it has really been exacerbated by news that the new government will be cutting taxes, which is inflationary.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pound sinks to record low against the dollar as chancellor and prime minister defend mini-budgetSterling's decline continued as trading opened in Asia and Australia on Monday - fuelling fears sterling could plunge to parity with the US dollar by the end of the year.
Read more »
Sterling falls to record low of $1.035 against the dollar\n\t\t\tExpert insights, analysis and smart data help you cut through the noise to spot trends,\n\t\t\trisks and opportunities.\n\t\t\n\t\tJoin over 300,000 Finance professionals who already subscribe to the FT.
Read more »
Calls for interest rate hike as pound slumps to new 37-year lowThe pound slumped to a 37-year low against the US dollar yesterday after the Government unveiled its radical tax-cutting plans. 📉
Read more »
Patriots Kicker Nick Folk Sets NFL Record With Field Goal Vs. RavensNew England Patriots kicker Nick Folk set an NFL record with his 35-yard field goal in the second quarter of Sunday’s Week 3 matchup against the Baltimore Ravens.
Read more »