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The pound has fallen to a two-year low towards the greenback as fears develop for the way forward for Britain’s economic system amid surging costs and falling shopper confidence.
On Tuesday, sterling fell under $1.19 for the primary time since March 2020, when the federal government introduced the primary Covid lockdown.
It got here as Boris Johnson’s authorities lurched additional into chaos following the resignation of senior figures together with Rishi Sunak, the chancellor. In a parting shot on the prime minister, Mr Sunak mentioned a part of his cause for quitting was that the federal government wanted to be sincere that the trail to a greater future was “not a simple one”.
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