Pound falls to all-time low against the US Dollar

The Pound has today (Monday) fallen to an all-time low against the US Dollar after Chancellor of the Exchequer, Kwasi Kwarteng, said more tax cuts are likely. Investors are worried this could stoke further inflation. GBPUSD fell to 1.0382 earlier although there has been a recovery back above 1.06 on hopes of emergency action by the Bank of England. A falling Pound is not all bad news – UK investors who hold overseas assets, for example in US Dollars, will benefit.

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