Why Is The Pound Falling?

The British pound plummeted on Friday after the government announced huge tax cuts in its mini-budget. It then plunged again on Monday, reaching $1.04 - the lowest level the pound has ever been against the dollar. Why is the British Pound Falling?

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[PBoyle]

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[Wargasm]

Turns out the dollar was the hedge against the dollar.

[jonathantaylor]

Borrowing money to buy something you literally light on fire is the worst kind of debt.

[youngandbankrupt]

Huh pound, I never saw this token listed on coinbase.

[arashkhosrowshahi]

That Tether joke earned an instant like.

[doxologist]

Calculated, well explained and unbiased. All qualities Patrick consistently exemplifies.

[CatsMeowPaw]

The Pound is falling so rapidly, it's soon to be renamed the Ounce

[foobarFR]

"We need to talk about the Pound" = often the introduction to some serious financial turmoil

[BarrettOwenW]

"A thousand Pounds converts into a bit over a thousand dollars" 😂😂😂

[kalibbailey]

I'm surprised there isn't a scaling increase in energy cost. Perhaps subsidizing the first X amount of energy and taxing above a certain amount

[xtrailz]

The health professionals is always telling us we need to lose a few pounds, so I guess this is one way of doing it

[berndberndsen]

There aren't many youtubers who get a belly laugh out of me within 8 seconds, that opening was great.

[Friedfoodie]

Exceptionally informative. Always outstanding and very witty.

[robertdavis]

Pretty much like late 1970's (except was an Oil Embargo), was a teenager then and remember it well when early 1980's and interest rates went to 20% to curb inflation. Unfortunately, I see this happening again in 18-24 months time.

[aslandus]

I know you're just summing up for those who don't know much about economic theory, but letting the market dictate prices becomes a lot less appealing when we get away from relatively discretionary items like cut flowers and novelty skeleton decorations, and toward goods that can decide whether people live or die, like food and energy. Allowing people to freeze to death in their homes to avoid artificially straining the market doesn't exactly make those in power seem like they have the people's best interest at heart.

[theturkeychild]

Noticing that blue book on top of the yellow book in the background.

[tmcthree]

By pure coincidence, I'm friends with Liz Truss' husband Hugh. He was my flatmate in London. I might post this video Facebook, to see if he can take a hint to pass onto Liz. Although I realise that's not how policy is traditionally formulated, we're living in strange times.

[franekwrobel]

You are an absolute star! I was just wondering about this issue asking my brothers WHO leaves in England about that matter. Later that day I told myself - Nevermind, probably Patrick Boyle will make a video about it :D

[Finderskeepers.]

The rise in the bond yields is also a really big thing. All Sterling assets have just been devalued and not just by the exchange rate.

[williamlloyd]

Recently on Coffee Walk YouTube channel, it was mentioned that a 1964 Porsche 356 C was being exported to England from Houston, TX for a complete restoration. Apparently it was more efficient and cheaper to have work done in England versus USA. Exchange rate must have had some influence on the decision.
PS - time to schedule a vacation in England for the spring!