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Pound Hits Lowest Since Lockdown on Signs U.K. Recovery Slows

  • Three reports indicate cost-of-living crisis is hitting growth
  • Pound drops to lowest since a Covid lockdown in November 2020
Consumers are struggling with a surge in energy bills, higher taxes and the strongest inflation in three decades.

Consumers are struggling with a surge in energy bills, higher taxes and the strongest inflation in three decades.

Photographer: Chris Ratcliffe/Bloomberg
Updated on

The pound hit the lowest since November 2020 when the U.K. was in a coronavirus lockdown as three separate reports suggested the economic recovery is faltering.

S&P Global’s PMI for both services and the whole economy fell to a three-month low in April, while consumer confidence sank to its lowest since the recession in 2008. Retail sales fell more sharply than expected in March.