Pound sinks as investors question huge tax cuts
The pound has fallen to a fresh 37-year low against the dollar as financial markets reacted to the biggest tax cutting moves in 50 years. UK stocks also dropped after chancellor Kwasi Kwarteng outlined a series of tax cuts and economic measures in a massive shake-up of the country’s finances. The pound fell more than 3% against the dollar, dropping below $1.09. Sterling has fallen recently over worries about the economy and partly due to a stronger US dollar. The pound also fell more than 1% against the euro on Friday, dropping to €1.12. Mr Kwarteng refused to comment on the dropping value of the currency, saying
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