Here’s why the pound fell and what it means for the US, UK

The British pound plunged to a record low against the soaring dollar on Monday, fueling fears of even higher inflation and prompting social media users to share defeatist memes about the world’s sixth-largest economy.

The country, already reeling from the death of its longest-reigning monarch and the recent ouster of Boris Johnson as prime minister, is in an “even more severe cost of living crisis”[ads1]; because of the falling pound, said Barry Eichengreen, professor of economics at the University of California in Berkeley. “Refund is not on the horizon” for the foreseeable future, he added.