British pound hits a 37-year low as UK economy skids
CNN
The British pound slumped to a 37-year low on Friday after new data showed that shoppers are pulling back spending as inflation squeezes household budgets, underscoring fears that the economy may already be shrinking.
The currency fell below $1.14, its lowest since 1985, after the Office for National Statistics said that retail sales in August dropped 1.6% month-over-month, the biggest decline since December 2021 and significantly worse than economists had expected.
"I think the UK is in recession already," said Michael Hewson, chief market analyst at CMC Markets UK.
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