The British currency has plunged, sliding against the U.S. dollar to touch an all-time low.
It's a sign of the alarm in financial markets over new Prime Minister Liz Truss' emergency budget measures unveiled last week aimed at jump-starting the ailing economy.extra government borrowing
The currency chaos is playing out against the wider backdrop of the dollar's rally to a two-decade high. "There's every chance that a falling pound will make life more expensive," said Sarah Coles, senior personal finance analyst at financial services firm Hargreaves Lansdown. Anything bought from overseas — components, raw materials, supermarket staples and household basics — will be pricier.
The markets are raising the prospect that the two currencies might soon reach equal footing. A lot of the decline has been driven by the strength of the dollar, which has climbed against a wide range of other currencies as the U.S. Federal ReserveThe euro, for example, has been on a similar trajectory to the pound, having fallen below parity with the dollar recently and then hitting a fresh 20-year low Monday.
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