GBP/USD Off 35-Year Lows as U.K. Goes Into Lockdown to Curb Covid-19 Outbreak

© Reuters.  © Reuters.

By Yasin Ebrahim – The pound moved off 35-year lows on Friday, though remained under pressure, even as the U.K. government proposed more stimulus measures to combat the Covid-19 pandemic, and imposed further restrictions to limit contagion across the country.

rose 1.69% to $ 1.1679 after falling to $ 1.1414, its lowest level since 1985.

Prime Minister Boris Johnson, meanwhile, said all cafes, bars, pubs and restaurants in the UK would shut on Friday night for the foreseeable future, as efforts to contain the coronavirus spread intensify.

The announcement arrived as the U.K. detailed further measures to cushioned the economic fallout from the pandemic. U.K. businesses would have until the end of the financial year to repay value-added tax (VAT) accrued from now through June, the government said.

The government also pledged to cover 80% of the salaries of people who are unable to work amid the coronavirus-led disruptions.


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