Yesterday, the British pound appeared to have recovered from last month’s terrifying record low, when it fell to its lowest point in forty years and plummeted against the US dollar. This good news could be the result of a change in British economic policy.
A brief recap of Pound’s most recent track
The British pound declined when Liz Truss, the prime minister of the United Kingdom, unveiled her “Mini Budget” plan on September 23. By cutting income tax rates to 19%, it was intended to assist 31 million people in saving £170 annually. Market analysts labelled this action as the “highest tax.”