The British pound hit a record low after the country passed the radical package of tax cuts since 1972 amd brought in new plans for large-scale borrowing. According to a report in Bloomberg, the unorthodox measures adopted by the new government to kick-start economic growth could be the main reason behind the British pound collapsing coupled with the mini-budget that has raised fears of inflation in the country. Meanwhile , the US dollar has picked up pace after the new government led by Liz Truss outlined plans to cut taxes and boost spending.

British Pound Collapses

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