Pound hits all-time low against dollar and is now worth just $1.03 after Mini-Budget

The pound plunged to a record low against the US dollar after Chancellor Kwasi Kwarteng delivered his Mini-Budget.

The currency slipped to $1.0327 when Asian markets opened overnight, before recouping its losses to hit $1.08 on Monday afternoon.

The plunge meant that pound had reached its lowest ever level against the dollar since decimalisation in 1971.