The British pound has fallen to a record low against the dollar following the announcement of new tax cut plans by the UK Government last week, according to the BBC. On Friday, the new Chancellor Kwasi Kwarteng revealed the government's new mini-budget, which will see major tax cuts to the basic rate, highest rate of tax, national insurance and corporation tax on top of a £45bn package.
But following the announcement, the pound has hit its record low against the dollar as markets reacted to the UK's biggest tax cuts in 50 years. In early Asia trade, sterling fell close to $1.03 before regaining some ground and stood at $1.06 on Monday morning (September 26), UK time.
The pound has also fallen against other currencies, plummeting to 1.09 Euros in early trading and 150 Japanese Yen.
