27 Sep 2022

British pound tanks after biggest tax cuts in 50 years

From Morning Report, 6:10 am on 27 September 2022

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

The sterling fell close to $1.03 early on Monday before regaining some ground to stand at $1.06 The pound, and the euro, also plummeted in early Asia trade.

The Bank of England says it won't hesitate to raise interest rates by as much as needed to return inflation to the 2 percent target.

Global financial services firm Ebury head of market strategy Matthew Ryan spoke to Corin Dann.