After the most significant tax cuts in 50 years, the British pound fell to an
all-time low versus
the US dollar.
The pound dropped more
than 4% early Monday,
eventually closing at $1.06.
The sharp drop occurred as
Asia and Australia began
to trade.
continuing a 2% drop
from Friday
forecasts that the pound will
fall to parity with the
US currency
Imports of oil and gas will
become more expensive
if the pound remains weak
against the dollar.
British visitors will also
notice that their money
will go farther than
previously.
The fall in the value of
the pound may force the
Bank of England to raise
interest rates in order to
keep the currency stable.
Source: Google
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