The British pound on 16 September crashed to its lowest level against the US dollar since 1985 — hitting $1.13 in the early hours of London trading.

Sterling plummeted to a 37-year low after UK retail sales dropped sharply by a bigger-than-expected 1.6% between July and August, driven by rising prices and the cost of living, the Office for National Statistics reported on 16 September. The pound was recently down 0.8% at $1.1380.