The British pound today (Monday) fell to an all-time low against the dollar, after falling by 4% and its rate reaching $1.0382. The dramatic drop comes after the British Prime Minister Liz Terrace presented a controversial plan to fight the recession approaching the country.
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According to Terras’s plan, taxes will be massively reduced alongside increasing government investment – this with the aim of increasing growth and fighting the recession. The critics of her approach claim that these economic measures will increase Britain’s debt significantly.
It is also claimed that the policy of the new prime minister will be more beneficial to the upper classes, and not to the middle class and the weaker classes. This, in the shadow of the high inflation that stood at 9.9% in August.