Sterling hits record low against the dollar, as Asia-Pacific currencies also weaken

Sterling’s plunge comes after last week’s announcement by the new U.K. government that it would implement tax cuts and investment incentives to boost growth.
Critics say those economic measures will disproportionately benefit the wealthy and could see the U.K. take on high levels of debt at a time of rising interest rates.

The British pound plunged to a record low on Monday morning in Asia, following last week’s announcement by the new U.K. government that it would implement tax cuts and investment incentives to boost growth.

Sterling briefly fell 4% to an all-time low of $1.0382 on Monday in Asia, continuing its sluggish trade in recent months as the U.S. dollar strengthens. By around 2 p.m. London time, the U.K. currency had bounced back to $1.0855.