The pound sterling fell yesterday to its lowest level ever against the dollar since decimalisation in 1971. Although sterling saw a bit of recovery today (September 27) the weakened pound is likely to have an impact on our most common expenses.

The pound dropped by more than 4 per cent on Monday, September 26, to just 1.0327 dollars in early Asian trading. This followed a tumble on Friday, September 23, that happened in the aftermath of Kwasi Kwarteng’s mini-budget announcement.

The value of the pound has been in a months-long fall and we took a look at some of the sectors that experts predict will likely take a hit. And what it means for UK households.

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Petrol

Petrol prices dropped to below 166p a litre for the first time since May on Wednesday, September 21. But, the fact that oil prices are based on the dollar means that petrol could be more expensive for UK drivers as it costs more to be imported by fuel companies.

The weak pound has already added almost £5 more to a tank of fuel when filling up at the pumps, according to the AA. Luke Bosdet, the AA's fuel price spokesman, said: "The weaker pound is very bad news for motorists."

Beer

British firms that import parts or products from across the world will face more costly currency rates, which will particularly impact areas such as food, drink and technology. These price increases could then be passed on to consumers.

Paul Davies, chief executive at Carlsberg Marston’s Brewing Company, suggested the fall of the pound may cause a rise in beer prices for UK customers. He told BBC Radio 4's Today programme that the drop was "worrying" for the British beer industry, which imports beer and hops from overseas.

Energy Bills

Energy bills are likely to increase as the pound falls - the price of all of the gas that the UK uses is based on the dollar - even if the gas is produced in the UK. But, as households will now have their bills capped, the impact will be minimised for most people.

Travelling Abroad

Foreign holidays are likely to be more expensive, especially when visiting the US and other countries that have currencies the pound has dropped against. The euro is also weak at the moment, so the cost of holidays in Europe has been less affected in the longer term, although the pound also struck an almost two-year-low against the euro on Monday.

Mortgages

Some two million people in the UK on a tracker or variable rate mortgage could see their monthly costs going up even further as a result of the pound drop. Some lenders are understood to have pulled some of their fixed rate products as the industry braces for another rise to interest rates.

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