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Really is. when we talk about the value of the pound and currency strengths it may feel very far removed from daily life but the reality is it means that decisions have to be made in the bank of england that affect all of us, wherever we are in the uk. about this time yesterday we saw that big fall in the value of the pound against the dollar, it hit a record low of around $1.03 to every pound. it has since recovered a bit. this graph shows you the value of it. it has gone up to about $1.08 this morning. the reason we saw that shortfall was in large part driven by the announcement on friday when the chancellor made public the details of big tax cuts to try to boost the economy, paid for by increased borrowing. it spooked investors and their confidence in the uk dropped, and with that confidence dropped, so did the pound. it is bad news for all of us. ....
Dollar parity talks, and that s one of the other terms being bandied about and we are trying to clarify a few of them for you and hoping it is helpful. our business correspondent, ben boulos, has been at the bank of england and says the governor appears to have ruled out any emergency meeting of its monetary policy committee, which sets the base interest rate. the next scheduled decision is in early november. but we have not seen falls like that in the value of the pound before. it was down at $1.03 about this time yesterday and it has since recovered a bit, it is currently at $1.08. but a lot of that being driven, that fall, that sharp fall, being driven since friday after the chancellor announced big tax cuts to try to boost the economy but funding it with increased borrowing. that spooked investors. their confidence in the uk economy dropped and with it so did the pound. what goes on at the bank of england may seem so distant from the lives of people up and down the uk but let me ex ....
You see there it has gained some ground, but before 1.03 was on the board. there are fears in the u.k. sterling believe it or not could slide to parity one-to-one with the u.s. dollar. that s not stopping the tax cut aimed at saving the economy. cnn sat down with liz truss to find out what kind of effect this would have. here s part of their exclusive conversation. your government just unveiled a new tax proposal this week that would reverse plans to raise the corporate tax rate. you ve also proposed lifting the cap on bonuses for bank executives. in the u.s. president biden is taking a very different approach, and obviously he has a different view on economic measures such as the one you re proposing. he tweeted this week, quote, i am sick and tired of trickle down economics. it has never worked. ....
The shadow chancellor rachel reeves to make the day s big speech. she ll be revealing plans for a national wealth fund to invest in green energy and technology projects. and rachel reeves joins us now from liverpool. good morning. we will talk about your national wealth fund in a moment but can we start talking about the pound, which has continued sliding overnight? down at, i think it was worth only $1.03, the lowest it was worth only $1.03, the lowest it has been in 50 years. i worried do you think our viewers should be about that this morning? 14541431111. do you think our viewers should be about that this morning? about that this morning? well, i think it is incredibly about that this morning? well, i think it is incredibly concerning, | think it is incredibly concerning, what has happened. we saw the sell off of the pound on friday after the chancellor s statement, which announced a huge number of unfunded commitments, and i think many people were hoping that would stabilise as ....
The british pound keeps losing ground against the u.s. dollar, falling to a record low of just over $1.03 if you can believe it. you can see it s come off slightly from that low, now hovering around close to $1.07. but there are fears sterling could slide to parity one-to-one with the u.s. dollar. after a disastrous end of trading on friday, closing down nearly 500 points, basicallyphlet. the levels on friday were the dow s worst since november of 2020, that was stoked by investor fears of inflation and corrective actions by the fed to try and control it. now in italy exit polls shows europe s far right has another stunning win at the ballot box. the party on track for victory ....