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Pound hits new 37-year low as UK retail sales slide

The pound has fallen to a new 37-year low against the US dollar after figures showed UK retail sales fell sharply in August as the rise in the cost of living continued to hit households.
 
The larger-than-expected drop in sales volumes of 1.6% prompted fresh concerns over the state of the economy.
 
Sales across all retail sectors fell in August as households cut back in the face of rising prices.
 
Sterling fell more than 1% against the dollar to $1.1351 at one point, its lowest since 1985, following the release of the retail sales figures. 
 
The pound recovered later to climb above $1.14.


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