The British pound hit new lows of $1.0349 against the U.S. dollar in the early hours of Monday but has pared back since as investors continued to sell after...
The British pound hit new lows of $1.0349 against the U.S. dollar in the early hours of Monday but has pared losses, after the U.K government revealed the largest tax cut since the 1970s last week.
The pound GBPUSD made a historic dive on Friday after U.K. Chancellor Kwasi Kwarteng unveiled a mini-fiscal budget comprising a number of tax cutting measures to be financed by £62 billion of government borrowing. Kwarteng remained unmoved about the market movements, and the short term risks to inflation, Reuters reported, citing the BBC.
Author Paul Krugman has argued that the pound’s depreciation will improve the U.K’s investment position and questioned why the crash would invoke a balance sheet currency crisis.
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