Explainer: What caused the pound's slump and will British travel, imports stay cheaper for S'poreans?

of US$1.0327 on Monday , prompting jokes amongst some Singaporeans on social media that this might be a good time to import high-end goods from the United Kingdom.

Mr Kwarteng then pledged over the weekend to cut taxes further in the new year, which only served to heighten fears of inflation rising again given that Britons will have more money to spend. But because the British government lacks the funds to do so, Ms Selena Ling, head of treasury and research at OCBC bank, said the plan would require substantial funding through increases gilt issuance, a form of borrowing.

“Ditto for Singaporeans who are travelling to the UK, buying property, or sending their children to study there,” she added.Ditto for Singaporeans who are travelling to the UK, buying property, or sending their children to study there. As for Singapore, which is an export-orientated economy, Mr Song said it might see less demand for its services due to the higher prices all around.

After the plunge, the Bank of England said it was playing close attention to financial markets, adding it would"not hesitate to change interest rates by as much as needed" to curb inflation.

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