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Here’s why: Pound tumbles to record low

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Hit its lowest since Dec 29

Sterling fell sharply against the dollar today and hit its lowest since Dec 29. The pound fell as much as 0.6 per cent to $1.3452 in late European trading

ONS data and a decision by the Bank of England to hold interest rates and cut its growth projections have reportedly attributed for the fall in the currency.

Today’s ONS data showed that annual growth in earnings, excluding bonuses, edged up to 2.9 per cent in the three months to March. Senior ONS Statistician Matt Hughes added: ‘With employment up again in the three months to March, the rate has hit a new record, with unemployment remaining at its lowest rate since 1975. The growth in employment is still driven by UK nationals, with a slight drop over the past year in the number of foreign workers. It’s important to remember, though, that this isn’t a measure of migration’.



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