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Lack of confidence drops British pound to $1.86

The British pound dropped below $1.86 for the first time in three years Tuesday, reflecting what dealers said was a growing lack of confidence in the British economic picture. Rioting in many British cities, which has made world headlines and increased political pressure on Prime Minister Margaret Thatcher to spend more to ease unemployment, has provoked heavy selling of the pound by overseas operators in foreign- exchange markets, dealers said.