Salem Radio Network News Monday, August 8, 2022

Business

Pound hits new March 2020 low below $1.19 as UK govt in crisis

LONDON (Reuters) – Sterling plunged to a new March 2020 low against the dollar on Tuesday, extending losses after the resignation of Britain’s finance minister threw Prime Minister Boris Johnson’s government into a crisis.

His resignation came minutes after the health ministere stepped down, saying he had lost confidence in Johnson’s ability to govern in the national interest.

The pound touched a low of $1.189 and by 1750 GMT stood at $1.193, down 1.4% on the day.

(Reporting by Sujata Rao; editing by Dhara Ranasinghe)

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