British Pound Falls to Record Low Against US Dollar After Tax Cut Plans

UK Chancellor of the Exchequer Kwasi Karteng arriving in Downing Street, London, on Sept. 7, 2022. Victoria Jones/PA Media

The British pound has plunged to an all-time low against the U.S. dollar after the UK government announced a massive tax-cutting programme, which is the biggest in 50 years.

Sterling fell by more than 4 percent to just 1.03 dollars in early Asia trading before it regained some ground to about 1.07 dollars early on Monday.