Pound hits 30-year low

Get straight to the good stuff every day with the Multiply Minute; a lightning-quick round-up of the money news and how it affects you.

Sterling sick

In a fresh wave of investor uncertainty, the value of the pound has dropped to its lowest since the 1980s. It suffered one of its biggest drops on record yesterday, as traders sold off sterling to buy dollars. Why? The dollar is considered a “safe haven” among plummeting markets because it's the most widely used currency in the world and, in volatile times, companies need it to make payments.

Tighter restrictions

Measures to contain the epidemic have been stepped up. Schools will be closed across the UK on Friday, and 40 stations on the London tube network are shut from this morning. Some schools will be kept open to care for the children of key workers, such as NHS staff, police, and delivery drivers.

Europe’s emergency package

The European Central Bank (ECB) has announced €750 billion in relief measures for struggling Eurozone countries. It plans to buy up billions in government and company debt from Greece, Italy, and others, to ease the impact of the pandemic.

Cheaper council tax

Over 10 million households in the UK could see their council tax bill drop by 20%. The government is considering overhauling the way the tax is charged, to bring bills into line with property prices. Some towns could see council tax get up to 60% cheaper.