Friday 23 September 2022 09:26 AM Pound slumps to fresh 37-YEAR low against US dollar trends now

Friday 23 September 2022 09:26 AM Pound slumps to fresh 37-YEAR low against US dollar trends now
Friday 23 September 2022 09:26 AM Pound slumps to fresh 37-YEAR low against US dollar trends now

Friday 23 September 2022 09:26 AM Pound slumps to fresh 37-YEAR low against US dollar trends now

Pound slumps to fresh 37-YEAR low against the US dollar - under $1.12 - and UK government's borrowing costs surge as markets brace for Kwasi Kwarteng's 'Emergency Budget'

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Sterling fell to a fresh 37-year low against the dollar today as the markets braced for Kwasi Kwarteng's 'Emergency Budget'.

The Pound fell around 0.6 per cent to hit $1.117, chalking up another unwanted record stretching back to 1985. 

The currency was holding ground against the euro, with much of the slide down to the greenback's strength - but there is mounting nervousness about the government's strategy of borrowing for an energy bill freeze and sweeping tax cuts.

Markets have pushed up the government's interest rates on debt to an 11-year high. 

Derek Halpenny, head of research at MUFG, warned the pound could fall further over policies that 'lack credibility and raise concerns over external financing pressures given the budget and current account deficit combined looks to be heading to around 15 per cent of GDP'.

Of the

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