LONDON, Sept 23 — The British pound tumbled today to a 37-year low under US$1.10 as a tax-cutting UK budget sparked public finance concerns while recession fears mounted.
The UK's new government today unveiled a multi-billion-pound package to support households and businesses hit by the highest inflation in decades, cutting taxes as the nation heads for recession. Kwarteng also reversed planned tax hikes on both company profits and salaries, citing the government's drive for growth.
"These measures will add to the already major prospective uplift in government borrowing from the cap on energy bills for households and businesses coming into effect in October," said EY analyst Martin Beck.
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