Pound slumps to all-time low against dollar

September 26, 2022 2:05 pm

[Photo Credit: BBC News]

The pound has fallen to its lowest level against the US dollar since decimalisation in 1971.

In early Asia trade, sterling fell by more than 4% to $1.0327 before regaining some ground to around $1.05.

That came after UK Chancellor Kwasi Kwarteng unveiled historic tax cuts funded by huge increases in borrowing.

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The pound has also been under pressure as the dollar has been boosted by the US central bank continuing to raise interest rates.