DW News published this video item, entitled “British pound falls to historic low following tax cut announcement | DW News” – below is their description.
Prime Minister Liz Truss’s new government was off to a rough start after the British pound fell to an all-time low against the US dollar on Monday.
The currency plummeted following the announcement of a “minibudget” by the new Chancellor of the Exchequer Kwasi Kwarteng, which included a promise of sweeping tax cuts.
The pound reached as low as $1.0373 on Monday morning before rallying back to $1.07. The drop equates to a loss of more than 5% of the pound’s value against the dollar since Friday.
DW News YouTube Channel
Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.
