Pound hits record low against dollar on recession fears

Pound hits record low against dollar on recession fears

The pound plunged to a record low against the dollar on Monday as traders grow increasingly fearful of a deep UK recession after new finance minister Kwasi Kwarteng unveiled a controversial tax-cutting mini-budget.

Sterling dropped to as low as $1.0350 in early Asian trade, according to Bloomberg data, with some commentators warning it could sink to parity with the greenback.

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