The pound fell to a record low against the dollar
The pound has fallen to a record low against the dollar as the fallout from Britain's biggest tax cuts in 50 years reports BBC.
In early trade in Asia, the pound fell to near $1,03, before picking up some ground to settle at around $1,06 this morning.
Britain's Economy Minister Kwasi Kwarteng has promised more tax cuts on top of the £45bn package he announced on Friday amid expectations that borrowing will rise.
The pound was also under pressure due to the strengthening dollar.
The euro also touched a fresh 20-year low against the dollar in morning Asian trade as investors worried about the risk of a recession as winter approaches with no sign of an end to the energy crisis or the war in Ukraine.
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