Wednesday
August, 10

Pound slumps to two-year low towards greenback as fears for UK financial system deepen

The pound has fallen to a two-year low towards the greenback as fears develop for the way forward for Britain’s financial system amid surging costs and falling client confidence.

On Tuesday, sterling fell beneath $1.19 for the primary time since March 2020, when the federal government introduced the primary Covid lockdown.

It got here as Boris Johnson’s authorities lurched additional into chaos following the resignation of senior figures together with Rishi Sunak, the chancellor. In a parting shot on the prime minister, Mr Sunak mentioned a part of his cause for quitting was that the federal government wanted to be sincere that the trail to a greater future was “not a simple one”.

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Households already owe £1.3bn to their power suppliers two months earlier than payments are set to soar by greater than 80 per cent.The general...

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