{"id":58443,"date":"2022-09-23T11:24:04","date_gmt":"2022-09-23T11:24:04","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/09\/23\/pound-sinks-as-markets-react-to-mini-budget\/"},"modified":"2022-09-23T11:24:04","modified_gmt":"2022-09-23T11:24:04","slug":"pound-sinks-as-markets-react-to-mini-budget","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/09\/23\/pound-sinks-as-markets-react-to-mini-budget\/","title":{"rendered":"Pound sinks as markets react to mini-budget"},"content":{"rendered":"
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The pound has fallen to a fresh 37-year low against the dollar as markets react to the Chancellor’s mini-budget announcement.<\/b><\/p>\n<\/div>\n

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British stocks also fell after Kwasi Kwarteng outlined a series of tax cuts and economic measures in a massive financial shakeup in the country.<\/p>\n<\/div>\n

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The pound fell more than 1% against the dollar, falling below $1.11.<\/p>\n<\/div>\n

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The currency has fallen over the past few weeks, in part due to the strength of the US dollar.<\/p>\n<\/div>\n

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Meanwhile, Britain’s FTSE 100 of major stocks fell to its lowest level in more than two months.<\/p>\n<\/div>\n

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City analysts have raised their expectations of faster and higher interest rates after the government announced a \u00a345bn tax gift, leading some to conclude inflation will remain high for some time to come.<\/p>\n<\/div>\n

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  • What the mini-budget means for you<\/li>\n
  • The UK may already be in a recession – Bank of England<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    According to Bloomberg data, analysts expect UK interest rates to hit 5.2% in August 2023, amid rising expectations that there could be a 1 percentage point rate hike at the next Bank of England meeting in November.<\/p>\n<\/div>\n

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    On Thursday, the bank hiked UK interest rates by half a percentage point to 2.25%.<\/p>\n<\/div>\n

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    The cost of servicing the UK’s debt has also risen following the announcement of government bonds to fund tax cuts.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    The pound has fallen to a fresh 37-year low against the dollar as markets react to the Chancellor’s mini-budget announcement. British stocks also fell after Kwasi Kwarteng outlined a series of tax cuts and economic measures in a massive financial shakeup in the country. 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