Sterling hits 37-year low against dollar as recession fears mount

Sterling slid to its lowest level since 1985 against the dollar on Friday after a round of weaker than expected data on UK retail sales amplified concerns that the country was headed for a prolonged recession.

The pound dropped 0.8 per cent in morning trading in London to $1.137, the first time it has breached the $1.14 mark in almost four decades, according to Refinitiv data. The move reflected broad strength in the dollar as well as…