British Pound Falls to Record Low Against US Dollar After Tax Cut Plans
The British pound has plunged to an all-time low against the U.S. dollar after the UK government announced a massive tax-cutting programme, which is the biggest in 50 years.
Sterling fell by more than 4 percent to just 1.03 dollars in early Asia trading before it regained some ground to about 1.07 dollars early on Monday.
Experts warned the pound’s plunge towards parity with the dollar will send the cost of goods soaring even higher, potentially worsening the cost-of-living crisis, while it also means it will be more expensive for the government to borrow money.
Prime Minister Liz Truss’s new government on Sept. 23 unveiled the biggest package of tax cuts in half a century, aimed at spurring growth in the UK economy….