Pound falls to lowest level against dollar since 1985

Frankfurt Sterling continues to slide. A day after Liz Truss was named prime minister, the British currency fell as much as a percent on Wednesday to a 37-1/2-year low of $1.1403.

“There remains a great deal of uncertainty in the UK, particularly in relation to the cost of living crisis, the energy crisis and efforts to finance these, which in turn is weighing on the UK market and sterling,” said Thilo Wolf, the wealth manager’s Germany head BNY Mellon.

The experts at ING Bank warned that Truss’ plans to relieve consumers of the increased energy prices did little to change this. Because their effect will be difficult to estimate, as it could be diluted by the monetary policy of the Bank of England (BoE).