The Latest Breaking News from British Pound

British pound slumps to lowest level against dollar since 1971 after Kwasi Kwarteng’s mini-Budget

The pound trades against the dollar at levels last seen in the early 1980s as the UK struggles to fight inflation.

The British pound has resumed a slide that picked up pace last week after the U.K.’s new government outlined plans to cut taxes and boost spending

LONDON: The British pound plunged to a 37-year low and stocks sank after the government delivered the most sweeping tax cuts since 1972, as economists warned that the ambitious plan was unsustainable at a time when inflation is rampant.

The new finance minister’s tax cuts send the British pound to a 37-year low.

The value of the U.S. dollar has been on a tear for more than a year against everything from the British pound across the Atlantic to the South Korean won across the Pacific

The US dollar has been on a major surge against major global currencies in the past year, recently hitting levels not seen in 20 years. It has gained 15% against the British pound, 16% against the euro and 23% against the Japanese yen.

Most traders are aware of the rout that the USD is carving into the Japanese yen and the Great British pound.

The Oxford Dictionary defines a recession as a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. It is also defined as a period of declining economic performance across an entire economy that lasts several…