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.

NBRSM exchange rate list: How much does the euro cost today?

Dear reader,

Our access to web content is free, because we believe in equality in information, regardless of whether someone can pay or not. Therefore, in order to continue our work, we ask for the support of our community of readers by financially supporting the Free Press. Become a member of Sloboden Pechat to help the facilities that will enable us to deliver long-term and quality information and TOGETHER let's ensure a free and independent voice that will ALWAYS BE ON THE PEOPLE'S SIDE.

SUPPORT A FREE PRESS.
WITH AN INITIAL AMOUNT OF 60 DENARS

Video of the day