Pound slumps to fresh 37-YEAR low against US dollar

Pound rallies on back of Kwarteng’s ‘Emergency Budget’: Value of Sterling rises from €1.14 to €1.15 Euro after the Chancellor’s relief deal… but remains at 37-year low against dollar at $1.12

The pound rallied on the back of Kwasi Kwarteng’s ‘Emergency Budget’ this morning, rising from €1.14 to €1.15 Euro but remains at a 37-year-old low.

Sterling declined by 0.89 per cent to 1.115 US dollars, meaning it has shed 17 per cent against the US currency so far this year and chalking up another unwanted record stretching back to 1985.

The currency was holding ground against the euro, with much of the slide down to the greenback’s strength – but there is mounting nervousness about the government’s strategy of borrowing for an…

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