Pound at March 2020 low, political crisis heaps pressure

1 min read
FILE PHOTO: Illustration shows pound banknotes

(Corrects to show sterling low hit before Sunak resignation)

LONDON – Sterling traded at the lowest since March 2020 on Tuesday, as the resignation of Britain’s finance minister threw Prime Minister Boris Johnson’s government into a crisis.

His resignation came minutes after the health minister stepped down, saying he had lost confidence in Johnson’s ability to govern in the national interest.

By 1750 GMT the pound stood at $1.193, down 1.4% on the day. Earlier in the day it had fallen as low as $1.189, hit by the resurgent dollar as well as fears of imminent recession.

(This story corrects to show sterling low hit before Sunak resignation)

(Reporting by Sujata Rao; editing by Dhara Ranasinghe)

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