Pound remains below $1.15 ahead of Truss’ energy plan announcement

The Pound remained below the $1.15 mark on Thursday morning, hovering at $1.1494 ahead of new Prime Minister Liz Truss’ energy relief plan.

Truss is scheduled to reveal a £130 billion proposition to freeze or reduce the energy price cap ahead of its 80% rise to £3,548 in October this year.

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The Pound hit a 37-year low of $1.1407 earlier this week on a combination of a strengthening dollar and the UK’s pessimistic economic outlook.

Bank of England governor Andrew Bailey pointed out the impact of the strengthened dollar on the Sterling’s fall to Members of Parliament at a Treasury Select Committee on Wednesday.

However, the Pound has taken a beating following projections of five consecutive quarters of recession, which Bailey labelled essentially inevitable, and said the crippling cost of living crisis would “overwhelmingly be caused by the actions of Russia and the impact on energy prices.”

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