BBC: The pound fell against the dollar on Friday as new figures showed a gloomy picture for the UK economy.
Sterling slipped to $1.11, after rallying on Thursday as Prime Minister Liz Truss resigned.
It came as official figures showed government borrowing rose to its second highest September on record.
Meanwhile, people are shopping less than they did before the coronavirus pandemic, according to figures from the Office For National Statistics (ONS).
Retail sales fell by more than expected last month, dropping 1.4% and continuing their slide from August, the official figures showed.
The pound's latest slide comes after a period of volatile trading for the currency. » | Noor Nanji, Business reporter, BBC News | Friday, October 21, 2022
The pound sterling used to be held in high regard all over the world. Unfortunately, its value has gone down and down and down. This is known as managed decline. At the rate things are going for the UK economy, the pound sterling will be little better than junk currency! (Though it hurts me to say so.)
We should have dumped the pound years ago and joined the euro.
For your information, just by way of example, in 1963, the pound was worth more than twelve Swiss francs! 12,2443 to be precise. Today, as I write this, one Swiss franc (CHF) is worth £1.12. In 1963, one pound sterling was worth US$ 2.8. Today, one pound sterling is worth US$1.12. Exactly the same as the Swiss franc.
(Sources: XE.com and PACIFIC Exchange Rate Service)
