The pound and London stock market plunged in what one analyst called “the worst day I have ever seen” after the Chancellor on Friday revealed his mini-budget. Sterling repeatedly fell to new 37-year lows against the dollar during the day, slowly edging towards its all-time trough. At its lowest point on Friday afternoon £1 could buy just 1.0896 dollars – the worst exchange rate for Britons since 1985. “The is the worst day I’ve ever seen in the markets from a British perspective,” said Neil Wilson, an analyst at Markets.com. The FTSE 250 and FTSE All Share indexes also both closed down 2 per cent.

Source: The Times September 25, 2022 08:13 UTC