THE GUARDIAN: This is turning into an absolute rout on the pound, as the markets give a scathing verdict to Kwasi Kwarteng’s unfunded tax cuts and extra spending.
Having dropped through $1.10 earlier this afternoon, sterling has continued to crash….. all the way down to a new 37-year low of $1.09.
The pound has lost 3.5 cents today, cratering by 3% – on track for its worst day since the market panic of March 2020 when the pandemic hit. With video » | Graeme Wearden | Friday, September 23, 2022
Kwasi, the quasi chancellor! Kwarteng’s economics is already being shown up for what it truly is: voodoo economics. – © Mark Alexander
Pound sinks as investors question huge tax cuts: The pound has fallen to a fresh 37-year low against the dollar as financial markets reacted to the biggest tax cutting moves in 50 years. »
