{"id":101659,"title":"UK: Pound falls against every currency in the world after hitting all-time dollar low","publisher":"Share Talk","author":"sharetalk","published":"2022-09-26T08:19:08+00:00","modified":"2022-09-26T08:19:08+00:00","canonical_url":"https://www.share-talk.com/uk-pound-falls-against-every-currency-in-the-world-after-hitting-all-time-dollar-low/","markdown_url":"https://www.share-talk.com/uk-pound-falls-against-every-currency-in-the-world-after-hitting-all-time-dollar-low.md","json_url":"https://www.share-talk.com/uk-pound-falls-against-every-currency-in-the-world-after-hitting-all-time-dollar-low.json","category":"Blogs","categories":["Blogs","Technology","Technology, Media & Telecoms"],"tags":["1972","Bank of England","Chancellor","corporation","cuts","duties","FINANCE","fiscal","gambling","IFS","Insurance","Kwasi Kwarteng","largest","National","Paul Johnson","public","reducing","Share Talk","stamp","sterling","sustainability","Tax","UK"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"After Chancellor Kwasi Kwarteng’s hint at further tax cuts, the pound fell to an all-time low against the USD.\n\nOvernight trading saw the Sterling fall almost 5% to $1.032727, making it the lowest level since 1971 decimalisation.\n\nAlthough it gained some ground to $1.05, there are concerns that the stock could fall to parity before the end of this year.\n\nThe pound was beaten against all other currencies in the world, including the lek of Albania and the kwacha of Zambia, highlighting the grim outlook.\n\nDue to energy security concerns and recession, the euro fell 20 years ago. There are also signs that Italy’s far-right alliance is poised to win.\n\nAfter Friday’s announcement, the Chancellor dismissed questions about markets’ reaction to his mini-Budget – which set out the largest programme of tax cuts in 50 years – and has not responded to any.\n\nThese measures include reducing stamp duty and scrapping the additional income tax rate. They are intended to stimulate economic growth.\n\nMarkets have been rattled by fears that Liz Truss, Prime Minister of Liz Truss, is increasing public borrowing beyond what can be sustained.\n\nYesterday, Mr Kwarteng rattled the traders by stating that there was “more” to tax cuts.\n\nThe dramatic fall in the pound has fueled speculation that the Bank of England might be forced to act with an emergency rate increase ahead of its November meeting.\n\nThe pound is not the only thing that is falling this morning. Oil has also fallen.\n\nBenchmark Brent crude oil fell below $85 per barrel for the first time since January. This is in line with recent losses at West Texas Intermediate.\n\nThis comes amid growing concerns about a global economic slowdown.\n\nSupply worries have been fueled by rising interest rates, Russia’s invasion of Ukraine, and Covid lockdowns in China."}