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British Pound falls to low record

The British pound has fallen to its lowest level in decades against the US dollar, amid fears over runaway inflation and recession.

The government has announced a drastic plan to cut taxes, claiming it will boost growth.

In early Asia trade, sterling fell close to $1.03 before regaining some ground to stand at about $1.07 on Monday morning.

Chancellor Kwasi Kwarteng has promised more tax cut on top of a £45bn package he announced on Friday amid expectations borrowing will surge.

According to BBC, If the pound stays at this low level against the dollar, imports of commodities priced in dollars, including oil and gas, will be more costly.

Writing by Hadiza Abdulrahman, Editing by Omotola Oguneye