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Pound crashes to record low against the dollar as UK tax cut plans rattle investors

2 monthes ago   |   By Business Insider

The UK's chief financial minister Kwasi Kwarteng. Ian Forsyth/Getty Images
The pound plunged almost 5% to $1.0327 during Asian trading Monday, beneath its previous 1985 low.
The UK government's tax-cutting has spooked investors, and a minister hinted Sunday more cuts are coming.
Analysts said the Bank of England may need to make an emergency interest rate hike to support the pound.
The British pound tumbled to a record low against the dollar Monday, after the UK's finance minister promised more of the tax cuts that have rattled investors. Sterling fell by as much as 4.7% in Asian trading...
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