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British Pound falls to its lowest level on anniversary of the Black Wednesday event.
🎞️ · 21.09.2022 · 03:06:30 ··· MiTTwoch ⭐ 0 🎬 0
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🎬 · 21.09.2022 · 03:06:30 ··· MiTTwoch
😎 · 03.07.2024 · 15:40:29 ··· MiTTwoch
British Pound falls to its lowest level on anniversary of the Black Wednesday event. British Economy is weakening fuelling concern.
The British pound fell to a 37-year low against the US dollar amid a sharp decline in retail sales, writes the BBC. The pound sterling is trading at 1.13 dollars and 1.14 euros. This is the largest fall of the currency against the dollar since 1985, and against the euro since 2021. Analysts attributed the drop to the fact that most households cut spending amid a cost-of-living crisis.
The decline in retail sales has continued since the summer of 2021, when various restrictions on retailers were lifted. According to the National Statistic Agency, in August, sales in supermarkets decreased by 0.9%, in department stores by 2.7%, and in clothing stores by 0.6%. Supermarket chain Waitrose said sales were down 5% from last year and basket sizes were down by almost a fifth, resulting in a loss of 99 million pounds. People are also less likely to buy non-essential items, such as expensive tickets.
The Bank of England had assumed that the UK would fall into recession by the end of 2022, however, judging by retail sales figures, the country's economy is already in recession. In the coming months, the British residents will feel the effects of the crisis even more strongly, but the bank will still have to sharply raise interest rates.
The situation will be slightly softened by measures to reduce electricity bills taken by the government the day before: according to the plan, households will pay no more than 2,500 pounds for two years. Prices continued to rise in other sectors of the economy, namely food, services and imported goods fuelling inflationary pressures further.
Some analysts refer to the Black Wednesday event when Sterling dropped out of the European Exchange Rate mechanism back in 1992. The recent decline comes on the 30 year anniversary of the Black Wednesday event. British point is close to the level it hit after that collapse. Some analysts suggest on the other hand that pound is still too strong and can fall further.
Average UK wages continue to fall behind rising prices and the bank of England is expected to push up interest rates further.
· 21.09.2022 · 03:06:30 ··· MiTTwoch
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