fell to an all-time low against the dollar as markets reacted to the UK’s biggest tax cuts in 50 years.
If the pound continues to stand at this low level against the dollar, imports of commodities such as oil and gas, which are priced in On the production side, this trend is good for US firms who want to shoot in the UK because costs will be cheaper, but it is bad for U.K. buyers who need to acquire content in dollars. Overall, it is bad for UK PLC.
The historic slump follows British Chancellor Kwasi Kwarteng’s announcement on Friday that the UK would unleash the biggest tax cuts in 50 years and an unprecedented increase in borrowing to pay for them.
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