The pound has plummeted to its lowest level against the US dollar since 1985.
Sterling fell zero points to $1.145 today-a level not seen in 37 years.
The Bank of England said a weaker outlook for the UK economy, as well as a stronger dollar, were putting pressure on sterling.
Bank Governor Andrew Bailey also warned that little could be done to stop the UK from falling into a recession this year as the war in Ukraine continued.
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