The pound is now at its weakest level against the US dollar since 1985 as the markets continue to react to the coronavirus crisis. The dollar was at $1.05 against the £ in 1985 due to the strength of the US currency, reaching a high against the £ in November 2007 of $2.11. The rate of the pound against the dollar fell following the 2008 financial crash, before stabilising and then falling again following the decision of the UK to leave the European Union. Today’s rate is now under $1.19 to the £ as the British Government is expected to announce further measures to strengthen the economy.
- Schools to Close in Scotland and Wales
- Bank of England Cuts Interest Rates to 0.1%