Downing Street has signalled that it will push ahead with its massive package of tax cuts even as the pound plunged to an all-time low against the US dollar amid hammered market confidence in the Government’s economic plans.
Sterling hit its lowest level against the dollar since decimalisation in 1971, falling by more than 4% to just 1.03 dollars in early Asia trading before appearing to settle at around 1.07 dollars by early Monday afternoon.
