The British pound sterling dropped in value below the U.S. dollar and the euro on Friday, according to official U.K. data.
The government also admitted that the British economy virtually “flatlined” in the month of September, The Independent reported.
The pound dropped nearly half a percent against the dollar to $1.3021, in part, according to British officials, because of the U.S.’s announcement that it will raise interest rates in the month of December, strengthening the dollar.
“Persistent Brexit uncertainty and the financial squeeze on consumers and businesses is likely to weigh increasingly on economic activity in the coming quarters,” British Chambers of Commerce representative Suren Thiru said.
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