Pound slumps to all-time low against dollar

Pound slumps to all-time low against dollarPublished12 minutes agoSharecloseShare pageCopy linkAbout sharingImage source, Getty ImagesThe 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.The pound has also been under pressure as the dollar has been boosted by the US central bank continuing to raise interest rates.You may also be interested in:This video can not be playedTo play this video you need to enable JavaScript in your browser.Media caption, Chancellor Kwasi Kwarteng: “What I'm focused on, is tax cuts across the board”More on this storyWhat the mini-budget means for you2 days agoIncome tax to be cut by 1p from April2 days agoRelated TopicsFTSE 100UK economy