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The Guardian - UK

Business

Phillip Inman

What does the pound’s slump mean for the UK and its consumers?

United Kingdom Bank of England

US dollar and pound banknotes are seen in this illustration — The pound has plunged to an all-time low against the dollar. Photograph: Dado Ruvić/Reuters

The pound has hit a record low against the dollar after the sweeping tax cuts announced by the chancellor on Friday. Here we explain why sterling is falling so steeply, and what it means for households and businesses.

What is a currency crisis?

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