As the British pound plunges to a record low against the U.S. dollar, life will likely get more expensive for the British.
A stallholder counts 10-pound banknotes at a market stall in Croydon, Greater London, on Sept. 26, 2022.The British pound plunged to a record low against the U.S. dollar Monday.
While a falling pound will be good for British exporters, traders are betting that the budget, unveiled by the new prime minster, Liz Truss, will lead to higher inflation — and have sent the value of the the country's currency plummeting in response. Tombs' colleague, Pantheon chief economist Ian Shepherdson, put it even more starkly in a tweet Monday:
“It is a consequence of an extremely risky budget by the new chancellor and a rather timid Bank of England that, so far, has only raised rates reluctantly despite all the clear pressures,”The decline in the British pound in itself won't have a direct impact on the U.S. economy, experts say. "For an economy that is heavily importing and consumer driven, that can act as a buffer or shock absorber to rising prices if the dollar's strength is sustained," he told NBC.
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