Shrinking pound pinches British people.
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"Won't hesitate to raise interest rates after pounds fall", says Bank of England.
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Pound hit record low against U.S. Dollar on Monday amid recession fear.
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Strong Dollar good for the U.S. economy but bad for the world.
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Impact of weakening currency on common man.
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People will have to pay more. Commodity prices will be higher, living cost will be higher, as a result, inflation will be higher.
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