The British sterling hit a record-breaking lowest against the U.S. dollar on Monday In a stark negative analysis of the new government's plan for huge taxes and borrowing.
Sources : google
It's also increasing the worry of those who are already preparing for rising energy costs this winter.
Sources : google
The drastic drop in worth of the British pound is because the British government is struggling with an
Sources : google
escalating public debt as well as a cost of living crisis, accompanied by a decline in confidence of investors.
Sources : google
The issue also raised the possibility that the central bank of Britain could intervene in markets for currency to help stabilize the pound.
Sources : google
The drop in Sterling's value is in part due to its strength in the U.S. dollar, which is boosted by higher interest rates.
Sources : google
However, the pound has declined in comparison to the Euro, signalling particular concerns regarding concerns about the British economy.