The British pound fell to all-time low in opposition to the U.S. greenback early Monday after Treasury chief Kwasi Kwarteng pledged a sweeping bundle of tax cuts, fueling considerations concerning the authorities’s financial coverage as the UK creeps towards recession. The pound fell as little as $ 1.0373, earlier than rallying to $ 1.0672 in early London buying and selling. It was its lowest stage for the reason that decimalization of the forex in 1971. The British forex has misplaced greater than 5% of its worth in opposition to the greenback since Friday, when Kwarteng introduced the most important tax cuts in 50 years. It comes as the federal government plans to…
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