The last time sterling hit $1.141 was during Margaret Thatcher’s administration in 1985, when it fell as much as 1%.
Pound has dropped to its lowest level in more than 40 years as a result of the gloomy economic outlook and the most recent increase in the value of the US dollar.
Sterling is under pressure due to the anticipated slowdown in economic development and a widening trade deficit. It has declined more than 15% this year and this month saw its biggest decline since 2016.
However, compared to the euro, the pound is still worth more than it was throughout majority of the Brexit negotiations; and the entirety of the financial crisis.