Pound

The pound plunges after the publication of the budget of the new British government

The pound plunges after the publication of the budget of the new British government

Britain’s newly formed government unveiled its budget plans on Friday morning – and the reaction from global financial markets is more than stunning. Why is this important: Essentially, the markets treat the UK as they treat emerging markets, which are seen as not having the same reliable and disciplined economic policy-setting institutions as wealthier nations. …

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Pound drops below $1.09 for first time since 1985 after mini budget

The pound fell below $1.09 on Friday for the first time since 1985 as investors spooked at the prospect of increased government borrowing to pay for the sweeping tax cuts in the Kwasi Kwarteng mini-budget. Delivering a punitive verdict on the Chancellor’s ‘race for growth’, traders sent the pound plummeting on Friday in a sell-off …

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