BRIEFLY : The British pound fell below $1.12 in N.Y. trading.
The battered currency continued its slide despite attempts to prop it up. The pound sank to $1.1190 in the United States, compared to $1.1260 on Thursday. Earlier in London, sterling fell to an all-time trading low of $1.1230 even after Britain’s four major banks raised their base lending rates by around 1 percentage point to 10.5%. Following that move, the pound rose to $1.1270, but it was still down from the previous record closing low of $1.1330 set Thursday. The pound has been hurt in recent months by falling world oil prices that reduce revenue from Britain’s North Sea wells.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.