LONDON — The British pound hit an all-time low against the U.S. dollar on Monday following the new government’s move to enact sweeping tax cuts to boost growth, adding to global recession fears. Sterling’s slump in part reflects the strength of the U.S. dollar, which has been boosted by higher interest rates. In the United States, the Federal Reserve raised interest rates last week in its ongoing push to subdue high inflation. That combined with the Fed’s raising interest rates has made the dollar a comparatively safer bet for investors. British Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng visit Berkeley Modular, in Northfleet, Kent, on Friday.

Source: Washington Post September 26, 2022 16:39 UTC