Pound ‘falling off cliff’ against dollar in ‘tragic year for sterling’

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The pound has plunged alarmingly against the US dollar following Kwasi Kwarteng’s crisis mini-budget, with experts ringing alarm bells over the British currency. Sterling sank to a new 37-year low as the Chancellor unveiled tens of billions of pounds of tax cuts and spending. Equity markets have also taken a beating, with the FTSE 100 plunging to its lowest in two months.

The pound nosedived by nearly a full percent to $1.110 after the Chancellor gave his statement to the House of Commons earlier this morning before rising slightly. For the day, it had plummeted by 1.4 percent against the greenback.

It is now below the previous 37-year low struck earlier this week after concerns over surging interest rates hit the currency.

Sterling has also plunged against the euro this morning, down by nearly half-a-percentage point today to €1.139.

Experts have struck a massively downcast tone on the pound following the mini-budget announcement from the Chancellor. 

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