The British pound plunged to a record low against the rising dollar on Monday, fueling concerns about even higher inflation and prompting social media users to share defeatist memes about the world’s sixth largest economy.
Already reeling from the death of its longest-reigning monarch and the recent ouster of Boris Johnson as prime minister, the country is gripped by an “even more serious crisis in the cost of living” as a result of the plummeting pound. said Barry. Eichengreen, professor of economics at the University of California at Berkeley. “Recovery is not on the horizon” for the foreseeable future, he added.