As Prime Minister Liz Truss prepares to hold crisis talks over her controversial mini-budget, the future of the current government has become more uncertain.
26.09.2022 - 12:11 / deadline.com
The British pound fell to an all-time low against the dollar as markets reacted to the UK’s biggest tax cuts in 50 years.
The pound plunged more than 4% early Monday morning to $1.0327 before stabilizing at around $1.06. The steep slide came as trading opened in Asia and Australia, extending an almost 2% drop from Friday and fueling predictions that the pound could continue to fall to parity with the US dollar.
If the pound continues to stand at this low level against the dollar, imports of commodities such as oil and gas, which are priced in dollars, will be more expensive to buy. British people visiting the US will also find that their money does not go as far as it once did. In short, you will be paying more for whatever you buy overseas.
On the production side, this trend is good for US firms who want to shoot in the UK because costs will be cheaper, but it is bad for U.K. buyers who need to acquire content in dollars. Overall, it is bad for UK PLC.
Experts have suggested the dip in the pound may force the Bank of England to raise interest rates to support the currency.
The historic slump follows British Chancellor Kwasi Kwarteng’s announcement on Friday that the UK would unleash the biggest tax cuts in 50 years and an unprecedented increase in borrowing to pay for them.
Under the plans, which Kwarteng described as a “new era” for the UK economy, a planned rise in corporation taxes has been scrapped. Income tax and stamp duty on home purchases will also be cut, and the top rate of income tax of 45% for people earning over £150,000 a year has been binned.
Labour shadow chancellor Rachel Reeves described the cuts as “incredibly concerning” during an interview on the BBC’s Today radio show.
“I think many people had hoped over
As Prime Minister Liz Truss prepares to hold crisis talks over her controversial mini-budget, the future of the current government has become more uncertain.
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The pound has fallen to a record low on international currency markets after Kwasi Kwarteng, announced the UK’s biggest tax cuts in 50 years last Friday.
Naman Ramachandran Following a “mini-budget” presented by new U.K. Chancellor of the Exchequer Kwasi Kwarteng last Friday, the British pound has fallen to an all-time low against the U.S. dollar. From a high of $2.50 to £1 in 1971, the pound crashed to $1.033 on Monday morning. It has since recovered to $1.08. The steep decline is attributed to the financial market’s lack of faith in Kwarteng’s fiscal measures, which included tax cuts across the board. Monday’s fall could be due to remarks Kwarteng made on Sunday, hinting at further tax cuts. If these cuts are fully funded against borrowing by the U.K. government, the country could be looking at a mountain of debt.
Urban dictionary defines as “antics and behavior displayed by certain underclass individuals in the Black culture, the end result being the embarrassment of the rest of the upstanding Black community.”Perry, the creator and performer behind the tough, elderly woman in roughly a dozen films since 2005, acknowledged that he has faced widespread criticism for his most popular creation. ”Emasculating Black men, I’ve heard it all.