When compared with the euro, the pound slumped 1.2% to 86.81p, its lowest point since last May
The pound has fallen to its lowest level against the dollar since the onset of the pandemic, fuelled by concerns about the economy and the prospect of a second Scottish independence referendum.
Scotland's First Minister Nicola Sturgeon said earlier that her government had an"indisputable mandate" for another vote and was ready toSterling dropped below $1.20 for the first time since March 2020 - a drop of more than 1.2% on Tuesday."If I were to isolate the move lower down to one event, I'd most probably say that the Scottish independence risk was the straw that broke the camel's back," said Simon Harvey, head of FX analysis at Monex Europe.
There is added uncertainty about how fast the Bank of England can increase interest rates - which is needed to control soaring inflation - without causing economic damage.
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