Sterling fell 0.8% against the US currency in early trade in London, trading at $1,137, the first time it had fallen below $1.14 in nearly 40 years.
Against the euro, the British currency also lost its value, declining by 0.4% to 1142 euros, the lowest level since the beginning of 2021.
At around 09:15 GMT (10:15 Lisbon time), the pound fell 0.67% against the dollar to 1.1375 US dollars and 0.49% against the euro to 1.1408 euros.
According to data released today by the Office for National Statistics (ONS), retail sales in the country fell by 1.6% last August, a trend that began about a year ago when hotel companies were restricted by the pandemic. .
Analysts expected the decline in retail sales to be only 0.5%, and data released today by the agency raises concerns about the state of the national economy.
The value of retail sales is attributed to the fact that consumers suffer the impact of rising cost of living and increasing energy products, which makes them more cautious in their spending.
Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
