Sterling to struggle on, chance of dollar parity on a knife-edge - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 06/10/2022 07:01:00
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Britain’s battered pound will be around 3.6% stronger in a year, according to a Reuters poll in which analysts were divided, however, on whether the currency would reach parity with the US dollar by year-end after it sank to a record low last week.

Sterling dived to an all-time low in Asian trade on September 26, extending losses from the week before after new Finance Minister Kwasi Kwarteng unveiled historic tax cuts and the biggest increase in borrowing since 1972 to pay for them.Sterling dived to an all-time low in Asian trade on September 26, extending losses from the week before after new Finance Minister Kwasi Kwarteng unveiled historic tax cuts and the biggest increase in borrowing since 1972 to pay for them.

On Wednesday, the currency stayed well off recent lows but ended a six-day rally after Prime Minister Liz Truss spoke at the Conservative Party conference. Offering some support to the currency, the BoE has been raising interest rates and is expected to add 75 basis points to borrowing costs when it meets on November 3.

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