Pound hits record low against US dollar BBC News

The pound has fallen to a record low against the US dollar as markets react to the UK's biggest tax cuts in 50 years.

In early Asia trade, sterling fell close to $1.03 before regaining some ground to stand at about $1.07 on Monday morning, UK time.

While worries about the UK economy have hit the pound, its value has also been under pressure due to the strength of the dollar.

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