© Reuters. FILE PHOTO: Pound banknotes are seen on this illustration taken March 1, 2022. REUTERS/Dado Ruvic/Illustration
(Corrects to point out sterling low hit earlier than Sunak resignation)
LONDON (Reuters) – Sterling traded on the lowest since March 2020 on Tuesday, because the resignation of Britain’s finance minister threw Prime Minister Boris Johnson’s authorities right into a disaster.
His resignation got here minutes after the well being minister stepped down, saying he had misplaced confidence in Johnson’s potential to manipulate within the nationwide curiosity.
By 1750 GMT the pound stood at $1.193, down 1.4% on the day. Earlier within the day it had fallen as little as $1.189, hit by the resurgent greenback in addition to fears of imminent recession.
(This story corrects to point out sterling low hit earlier than Sunak resignation)
