British pounds fall to a record lowest against the dollar, after-tax were cut
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The British currency hit a record lower against the U.S. dollar on Monday after the new government decided to pass radical tax cuts to spur growth,
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The decline in the pound is occurring amid Britain's struggles with a rising cost of living crisis as well as a soaring public debt,
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The market also raised the possibility for there is a chance that the Bank of England may intervene to support the sterling.
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The decline is a reflection of how strong the U.S. dollar is, which has been helped by the rise in interest rates.
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It has also fallen against a variety of other currencies, which indicates particular concerns regarding concerns about the British economy.
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The pound sank to the record minimum at $1.03 during the Asian trading on Monday morning before recovering some ground and getting back to $1.08
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"We must get inflation under control," Federal Reserve Chair Jerome H. Powell said last week. "I would love to have an easy method to do this.
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The main U.S. indexes were mixed at midday on Monday with the Dow down 170 points or 0.6 percent, and the S&P 500 down 0.5 percent.
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The Bank of England said Monday that it was "monitoring developments in the financial markets with great attention due to the substantial rate
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In an announcement, the central bank stated that its monetary policy committee will give a "full evaluation" of the effect of the government's policies