Sterling fell to record lows against the dollar as markets reacted to the UK’s biggest tax cut in 50 years.
And the BBC reported that in early Asian trade, the pound fell below $1.04 before recouping some of its gains to settle around $1.05 on Monday morning UK time.
If the pound remains very low against the dollar, imports of goods priced in dollars, including oil and gas, will become more expensive.
The euro also hit a 20-year low against the dollar in Asian morning trading as investors fear recession risks as winter approaches, with no signs of an end to the energy crisis or the war in Ukraine .
British Finance Minister Kwasi Quarting has promised more tax cuts, as well as a £45 billion package, amid expectations of more borrowing.
Source: BBC
Source: Arabic RT