The British Pound Hits a Record Low

On Monday, the British Pound hit a record low against the US dollar. According to NPR, the British pound at one point hit “just over $1.03, before it recovered slightly to $1.07.”

It has been reported that the pound has been at its “worst levels against the U.S. currency in the past 40 years,” causing the Bank of England to warn the country that they may be in recession. Kwasi Kwarteng, the UK’s finance minister, addressed Parliament last week about the low pound value, saying “large tax cuts and boosting borrowing to pay for public spending” could potentially help the economy. Economists reported that while these proposals could help, they will not be an “overnight fix.”