What does the pound hitting a record low mean for your money? 🔎 connie_dimsdale explains: PoundSterling
The pound fell to its lowest level against the U S dollar since 1985, as concerns grew at the prospect of a surge in UK government borrowing to pay for tax cuts just days after the UK Government announced the biggest tax cuts in 50 years.
The drop was fuelled by fears that interest rate hikes and Mr Kwarteng’s historic tax cuts would lead to aInflationIf the Sterling stays around this level, then imports priced in dollars will increase and so will goods coming in from the US. This means commodities including oil and gas could become more expensive.and hitting double digits over the summer.although prices are still rising at nearly their fastest rate in 40 years.and it also pushes up the price of fuel at petrol pumps.
A spokesperson said: “A weaker pound will make goods more expensive for both companies and consumers.
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