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Pound to US Dollar rate: Sterling surges after 45p tax U-turn

Added 10-03-22 01:36:02pm EST - “Sterling hit 1.125 US dollars at one stage, recovering back to levels seen before the mini-budget, though it pared back some of the gains in early morning trading to stand at 1.119.” - Dailymail.co.uk

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Posted By TheNewsCommenter: From Dailymail.co.uk: “The pound surges after Truss and Kwarteng perform 45p tax U-turn”. Below is an excerpt from the article.

Sterling hit 1.125 US dollars from 1.115 after the announcement, recovering back to levels seen before the mini-budget, settling at around 1.121 dollars by mid-morning before reaching 1.126 at 1pm.

When markets closed in London, the FTSE 100 had closed up 0.2%, or nearly 15 points, ending the day at 6,909.

The market turmoil following Kwasi Kwarteng’s mini-budget had seen the pound fall to an all-time low of 1.03 US dollars.

This morning the pound rose after Mr Kwarteng's announcement to around $1.12 - about the value it held before the September 23 budget announcements. 

Liz Truss and Kwasi Kwarteng today executed an extraordinary U-turn on plans to scrap the top rate of tax to head off a massive Tory revolt.

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