A bleak economic outlook and the most recent surge in the value of the US dollar have caused the pound to decline to its lowest point in over four decades.
Sterling dropped as much as 1% to $1.141, a low last reached by Margaret Thatcher’s government in 1985.
The economic picture is difficult, just like then. Two concerns that Britain is battling are double-digit inflation and the potential for a protracted economic downturn. The Bank of England has issued a more than one-year recession warning.
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