Mini Budget 22: Sterling slumps to record low versus the dollar

Sterling slid by almost 5% to $1.035 when Asia trading opened on Monday (26 September), surpassing the then record lows hit on Friday (23 September) immediately after Kwarteng introduced the biggest tax cuts in 50 years. Since then, sterling has been declining, increasing concerns that sterling would reach parity with the dollar. Hargreaves Lansdown senior investment and markets analyst Susannah Streeter said the pound's "fast downwards track of a rollercoaster" reflected a lack on confidence in the government's economic management, which she said "continues to evaporate". Streeter...