British pound plunges as Trump’s new tax cuts raise concerns – BBC News

September 24, 2022

By Noor Nanji, business reporter, BBC News

image provided, Getty Images

In the foreign exchange market on the 23rd, the British pound fell to the lowest level in 37 years once morest the dollar. It’s a reaction to the biggest tax cuts in 50 years by the new government of Liz Truss.

The pound fell more than 3% once morest the dollar at one point to $1.09. Against the euro, it fell more than 1% to 1.12 euros.

On the stock market, British stocks were generally down, with the FTSE 100 index down 2% on the day on the London Stock Exchange (LSE). Yields on British bonds have also skyrocketed and prices have fallen.

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