x

Pound Falls to lowest level Against Dollar since 1985

The Pound sterling has plummeted to its lowest level against the US dollar since 1985.

On Wednesday afternoon, September 7, the Pound fell by 0.64% to $1.145, a decline not seen in 37 years.

According to the Bank of England, a weaker outlook for the UK economy as well as a stronger dollar were putting pressure on sterling.

Bank of England Governor Andrew Bailey also warned that little could be done to stop the UK falling into a recession this year as the war in Ukraine continued and energy prices keep soaring.

The Bank says it forecasts the economy to shrink in the last three months of 2022 and keep shrinking until the end of 2023.

Speaking in front of the Treasury Select Committee on Wednesday, Mr Bailey said “sadly” a recession remained the most likely outcome in the UK.

When asked by MPs if there was much that the central bank could do to stop it, he said: “Insofar as the war is having this huge effect, the answer to that would be no.”

Governor Andrew Bailey said a recession would “overwhelmingly be caused by the actions of Russia and the impact on energy prices”.

Last month the central bank raised interest rates by the highest margin in 27 years in a bid to keep soaring prices under control.

Bailey added: “The person going to put the UK in recession is Vladimir Putin, not the MPC [Monetary Policy Committee].”

Hot this week

NNPC Foundation Boosts Economy with Agricultural Intervention, Say Kano Farmers

By Jabiru Hassan Farmers in Kano State have commended the...

Police Inspector Dies in Accidental Shooting in Kano, Rifle Recovered in Yobe

Kano/Yobe, Nigeria — A police inspector, identified as Aminu...

Group Presses Nasarawa Assembly for Speedy Passage of Climate Change Bill

y Leo Zwanke, Lafia The Nasarawa State Network on Environment...

PIA Amendments: Group Vows Nationwide Protest Against FG’s Attempt to Sell Critical Assets

The National Rebirth Movement (NRM) has vowed to mobilise...

Anambra Community to Bury Traditional Ruler October 9

The Oko community in Orumba North Local Government Area...

Security: Wike Lights Up Abuja Districts, Flags – Off integrated Solar Lighting Project

By Joyce Remi-Babayeju The FCT Minister, Barr. Nyesom Wike, on...

Gov Sule Flags Off Bursary Disbursement, Reiterates Commitment to Education

By Abel Leonard, Lafia Governor Abdullahi Sule of Nasarawa State...

North-Central APC Forum Urges Tinubu, NASS to Reject Calls for State Police

By Israel Adamu, Jos The North-Central All Progressives Congress (APC)...

Africa’s infrastructure deficit takes spotlight at pre-G20 event

..Two-day side event in Johannesburg seeks to mobilize global...

Related Articles

Popular Categories

spot_imgspot_img