Investor eyes this new RALLYING cryptocurrency as pound crashes to record lows

Investor eyes this new RALLYING cryptocurrency as pound crashes to record lows

The value of the pound fell and hit its lowest point on Monday, which only fueled the fears that citizens have about the general economy in the UK. This drop in value occurred after the government announced a large tax-cutting budget.

The fall was 5% and the value of the pound was $1.03 this Monday. The reason for the announced changes revealed by the recently appointed Finance Minister is part of the plan designed to revive the economy by borrowing $49bn (£45bn).

At the weekend, the news that Kwasi Kwarteng, Minister of Finance, was considering tax cuts for people with high incomes caused quite a stir among investors who believe that it will increase the debt in the country to levels that will become completely unsustainable.

Kwarteng’s comment that there is more to come prompted a response from the Bank of England calling for aggressive rate hikes and action to be taken as soon as possible.

It also sparked talks about the currency crisis, and it appears that Prime Minister Liz Truss and her administration are in the middle of turmoil as the country faces recession and rising living costs.

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