The pound suffered its biggest monthly hit against the dollar since 2016 on Thursday after the Resolution Foundation reported the UK was heading towards its lowest living standards level in a century.
The Foundation estimated UK people in poverty would rise by three million, with relative child poverty on track to its highest level of 33% in 2026-2027 since the peaks of the 1990s.
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The Sterling’s slide against the Dollar marks the most significant month-on-month fall since the currency was battered by Brexit in 2016, sending the Pound spiralling to shocking levels against the US.
One Pound equated to 1.1536 Dollars in late afternoon trading on Thursday.