Pound tumbles against US dollar after Hunt’s budget sparks market fears for UK economy | City & Business | Finance
The pound has tumbled against the US dollar in the wake of this morning’s Autumn Budget statement. The Chancellor announced billions of pounds of tax rises and spending cuts.
Following Jeremy Hunt’s statement in the House of Commons, sterling dropped more than 1.2 percent to 1.177 dollars.
The currency was 0.5 percent lower at 1.14 euros.
FTSE 100 Index was also 0.7 percent lower at 7301.8.
Mike Owens, Senior Sales Trader at Saxo UK, said that while the pound rebounded in the early weeks of Rishi Sunak’s administration, the budget “nevertheless paints a bleak picture of the state of the UK economy”.
Responding to the Chancellor’s budget announcements, former Brexit Party MEP Ben Habib told Express.co.uk: “We could go on at length. But suffice to say the budget is a disaster.”
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