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we begin with the turmoil on financial markets today, the pound sterling continues to languish against the us dollar and several other currencies. the slide in its value was triggered by last week s mini budget, with its controversial package of tax cuts. let s get historical for a moment. we have records for sterling against the dollar going back through history, and in the early hours of monday morning it reached an all time low that is since the creation of the us currency in 1792. let s take a closer look at the past few days the dollar has been strong but this further drop down is about sterling weakness, with a bit of a recovery and then falling back again. you can see this dramatic few days, sterling weakness with a little bit of recovery before it fell back again. on friday and monday there were massive moves within a day, which for a currency like sterling is rare. and one of the impacts of a low pound means that we import inflation, oil and gas is more e ....
On that in a moment. and the chancellor kwasi kwarteng has announced he will set out his medium term plan with detail on how the government will eventually lower debt but that s not for another eight weeks. let s take a look at how markets are doing now. as you can see, a pound isjust buying $1 and nearly 8 cents. not quite there yet. still at multi year lows, and the pound versus the euro as well. in share markets, it is a mixed picture. if we look at the next board to show you what happened on wall street, we have a fall on wall street, we have a fall on the main markets with the smb 500, at closing, its lowest level since december 2020. a lot of that is to do with the rising cost of borrowing rates ....