The pound fell to a 37-year low once morest the dollar today. Amid concerns regarding a spike in inflation and the weak British economy
As of 9:30 p.m. GMT, the pound fell 0.617 percent to $1.145 following slumping to $1.141, its lowest level since 1985.
The pound was also pressured by the dollar’s appreciation. From expectations that the US Federal Reserve (Fed) will accelerate interest rates to curb inflation.
Citigroup issued a report warning that The British Consumer Price Index (CPI) will hit 18% in January. affected by rising energy prices
The Bank of England (BoE) said the British economy will face a recession lasting more than a year, going into recession from the fourth quarter of 2022 until the end of 2023.
The BoE forecasts the British economy will face five quarters of recession, the longest period since the global financial crisis. British household incomes will fall sharply in 2022-2023 as consumption begins to shrink.
In addition, many are concerned regarding the state of the British finances. Because Mrs. Trust has a policy to reduce the tax rate. including taking measures to help British households