Business > Economy

The pound just plunged to an all-time low against the dollar. Here's why the promise of tax cuts tanked the British currency

2 monthes ago   |   By Business Insider

Traders dumped the pound on fears looming tax cuts will worsen Britain's already-shaky economy. Brendan McDermid/Reuters
The British pound tumbled to an all-time low against the US dollar on Monday.
It plunged on fears impending tax cuts will worsen inflation and prompt faster interest-rate hikes.
The UK economy is already battling slower growth and a cost-of-living crisis.
The pound plunged to an all-time low of 1.035 against the US dollar on Monday as traders bet that looming tax cuts could fuel inflation, prompt faster interest-rate hikes, and undermine Britain's already-shaky economy...
Read more ...

 

The pound plunges to an all-time low early Monday as the market gives thumbs down to Tories' tax cuts

2 monthes ago   |   By Fortune

Is it an emergency for the Bank of England? “It would be foolish to rule out parity” with the pound and the dollar, UBS' Dean Turner told Bloomberg.
Read more ...

 


Search by Tags

   Economy      Markets      MI Exclusive      Currencies      British pound      US Dollar      Foreign Exchange      Forex      Kwasi Kwarteng      Inflation      Recession      Federal Reserve      Bank of England      Interest Rates      Rate Hikes      Asset prices      Russia ukraine war      Cost Of Living      Market      Finance  


Fortnite Chapter 4 debuts with Unreal Engine 5.1

Fornite Battle Royale Chapter 4 arrived today and it makes use of Unreal Engine 5.1, Epic Games announced. Read more ...

Swissport baggage handlers are under 'urgent investigation' after viral...

A bag handler slams luggage in the viral TikTok video. rexross79/TikTok A Friday video of baggage handlers roughly moving luggage went viral on TikTok. Workers in the video can... Read more ...

Can private clubs bring New York workers back to the office?

The return to office has been slow and uneven, but some New York developers of high-end buildings are hoping elite private clubs can lure workers back, Forbes reports. ”The... Read more ...

Netanyahu says he hopes Trump sees his way to condemn antisemitism after...

President Donald Trump and Israeli Prime Minister Benjamin Netanyahu attend the Abraham Accords signing ceremony on the South Lawn of the White House, in Washington, Sept. 15... Read more ...

Report: Aaron Judge Likely to Get Nine Guaranteed Years

Report: Aaron Judge Likely to Get Nine Guaranteed Years

The star slugger reportedly is seeking almost a decade of guaranteed money. View the original article to see embedded media. Aaron Judge is one of the most coveted free agents... Read more ...

Putin's war in Ukraine looks more and more like a failure. Past Russian...

Russian President Vladimir Putin at the Tomb of the Unknown Soldier in Moscow in May 2020. KREMLIN PRESS OFFICE / HANDOUT/Anadolu Agency via Getty Images Russian President... Read more ...

College Football Playoff: Chalk Overcomes Chaos As Alabama Is Left Out Of...

Chalk overcame chaos in the final College Football Playoff ranking of the year. There were no shocking surprises, no insurgent cracking the top 4...and, when all was said and... Read more ...

Tennessee Gov. Bill Lee mulls tripling fee for electric-vehicle owners...

The state's current road funding through gas taxes looks less reliable as more people switch to fuel-efficient and electric cars. Read more ...

World Cup fans transform streets of Doha with chaotic-sometimes...

Fan fashion has drawn everything from amusement to outrage from locals in the tiny Muslim emirate. Read more ...

OPEC+ Leaves Lower Oil Production Targets In Pace-As Biden Reportedly Scraps...

Gas prices have stabilized in the U.S., despite predictions of a price spike after a group of major oil exporters chose to slash oil production. Read more ...