The British pound hit a record low after the country passed the radical package of tax cuts since 1972 amd brought in new plans for large-scale borrowing. According to a report in Bloomberg, the unorthodox measures adopted by the new government to kick-start economic growth could be the main reason behind the British pound collapsing coupled with the mini-budget that has raised fears of inflation in the country. Meanwhile , the US dollar has picked up pace after the new government led by Liz Truss outlined plans to cut taxes and boost spending.
British Pound Collapses
Why did the British pound collapse and what does it mean? Your questions, answered https://t.co/3cH28CEuNH
— Bloomberg (@business) September 26, 2022
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