Reported about 21 hours ago
The British pound has fallen to its lowest level in over a year at $1.2239, driven by fears of rising borrowing costs and persistent inflation affecting the government's ability to manage its deficit. This shift has prompted comparisons to the fallout from Liz Truss’ controversial mini-budget in 2022, leading to a loss of investor confidence in UK assets amid a global selloff. Additionally, the yield on 10-year government bonds surged, reflecting escalating concerns about the UK's economic outlook, while hedge funds have been actively selling the currency.
Source: YAHOO