The British Pound has dropped to a historic low compared to the Dollar
On Monday, the British pound fell versus the US dollar.
It dropped more than 4% to $1.035, a new low. On Monday, trading began in Asia and Australia.
High quantities of debt were accumulated at a period of rising interest rates.
A 6% drop from Friday, with predictions of parity with the pound and the US dollar in the following months.
Chancellor of the Exchequer Kwasi Quarting made the statement on Friday that the UK would simultaneously enact the largest tax cuts in 50 years.
The manufacturing PMI touched 51 on July 6. The euro also dropped to a 20-year low of 0.964.
In addition, the euro fell to a 20-year low of 0.964 per dollar. The last low for the British pound versus the US dollar happened on February 25, 37 years ago.
On December 12, 1985, one pound was worth $1.9528 per euro.
The Japaneseyen declined in value by 0. Despite this, the pair climbed 1.6 percent to 144 versus the US dollar.
On Monday, the yen fell 14 percent versus the US dollar, going below the 1,420 mark for the first time since 2009.