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La sterlina scende contro il dollaro al livello più basso da marzo 2020

THE pounds has fallen to its lowest level against the dollar since March 2020.

It’s the lowest since the start of the coronavirus pandemic when global markets were plunged into chaos.

The pound has hit a two-year low against the dollar

The pound has hit a two-year low against the dollarCredito: Getty

The latest fall has seen £1 worth less than $1.20 for the first time in more than two years.

It’s a blow for anyone buying holiday cash now as you’ll get fewer dollars for each pound you exchange.

The drop was fuelled by growing fears around recession hitting the UK economy.

Il Bank of England (BoE) has warned that another rise to interest rates is likely on its way in a bid to tackle soaring inflation.

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Huw Pill, chief economist a the central bank said today: “It is essential we bring inflation back down to target, so as to reduce the uncertainties facing households and allow firms to plan for the future.

Achieving price stability serves as an anchor for wider macroeconomic stability and prosperity.

BoE deputy governor John Cunliffe said itwill actto tackle soaring prices.

Speaking on the BBC’s Radio 4 Oggi, Egli ha detto: “What we expect is that the cost of living squeeze will actually hit people’s spending and that will start to cool the economy, and we can see signs that the economy is already slowing.

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The two-year low comes amid political turmoil and a raft of resignations is piling pressure on Prime Minister Boris Johnson.

Experts say the developments are not a significant factor in the currency moves though.

She told the same radio show: “The market is so much more concerned with growth, and what is this government going to dothe news in itself didn’t create too many additional woes.

Susannah Streeter of Hargreaves Lansdown said: “Boris Johnson’s position has appeared precarious for months, so the ministerial desertions haven’t moved the dial that much.

The Bank of England underlined the deterioration in outlook, and has stressed it will still not hold back in raising interest rates more steeply, should hot inflation show little sign of cooling.

Inflation hit 9.1% and could rise further still, with experts predicting it could hit 11% by the end of the year.

Inflation is a measure of how much the prices of goods and services have changed over time.

The economy shrank by 03%, the most recent figures suggest, and the country is on the brink of recession, dicono gli esperti.

GDP is one of the main indicators used to measure the performance of a country’s economy.

When GDP goes up, the economy is generally thought to be doing well.

The Bank of England is set to make a decision on interest rates in August and is expected to hike the base rate againwhat would be the sixth rise in a row.

Il Bank of England lo scorso mese increased the base rate by 0.25 percentage points taking it to 1.25%.

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Negative growth often brings with it falling incomes, job cuts and lower consumption.

A country is in recession when its economy shrinks over a sustained period of time, rather than growing normally.