Sterling tanks 3%, set for biggest one-day fall since 2020
Reuters
Published Sep 23, 2022 11:07AM ET
LONDON (Reuters) - Sterling extended its slide on Friday, falling more than 3% to as low as $1.0897, putting it on course for its biggest one-day fall since March 2020 when markets were roiled by the COVID-19 pandemic.
British finance minister Kwasi Kwarteng earlier in the day laid out a plan of historic tax cuts paid for by huge increases in borrowing, which sent British government bonds into freefall and the pound sharply lower.
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Written By: Reuters
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