British pound falls to historic low following tax cut announcement | DW News

British pound falls to historic low following tax cut announcement | dw news

DW News published this video item, entitled “British pound falls to historic low following tax cut announcement | DW News” – below is their description.

Prime Minister Liz Truss’s new government was off to a rough start after the British pound fell to an all-time low against the US dollar on Monday.

The currency plummeted following the announcement of a “minibudget” by the new Chancellor of the Exchequer Kwasi Kwarteng, which included a promise of sweeping tax cuts.

The pound reached as low as $1.0373 on Monday morning before rallying back to $1.07. The drop equates to a loss of more than 5% of the pound’s value against the dollar since Friday.

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In This Story: Liz Truss

Mary Elizabeth Truss is a British politician serving as Secretary of State for Foreign, Commonwealth and Development Affairs since 2021 and Minister for Women and Equalities since 2019. A member of the Conservative Party, she has been Member of Parliament for South West Norfolk since 2010.

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