Pound falls below $1.10 for first time since 1985 following mini-budget
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Pound falls below $1.10 for first time since 1985 following mini-budget

Prospect of surge in government borrowing to cover chancellor’s sweeping tax cuts sparks sell-off

The pound has fallen below $1.10 for the first time since 1985 as investors took fright at the prospect of a surge in government borrowing to pay for Kwasi Kwarteng’s sweeping tax cuts.

Sterling was down by more than two cents agains the dollar to a fresh 37 year low as fears over the future path for the public finances also triggered a surge in government borrowing costs.

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