Government to push on with tax cuts as pound hits all-time low against dollar
Monday, 26 September 2022 Downing Street has signalled that it will push ahead with its massive package of tax cuts even as the pound plunged to an all-time low against the US dollar amid hammered market confidence in the Government’s economic plans.
British Pound , Sinks to New Lows.
NBC News reports that after Treasury Chief Kwasi Kwarteng promised the biggest tax cuts in 50 years on Sept. 23.
the British pound dropped to an all-time low against the American dollar on Sept. 26.
It fell to $1.0373 before reaching
$1.0672 in early London...
Last week, the British government announced a £45 billion plan to cut taxes. To do this, the government will need to borrow huge sums of money. This sent shockwaves through markets and drove the pound..