🇬🇧 The British pound tumbled to a record low against the dollar, after the UK's finance minister promised more of the tax cuts that have rattled investors. The planned cuts are the most aggressive in nearly 50 years, as they scrap the top rate of income tax and slash basic rates by 1%.

‼️ Some investors don't believe the impending tax cuts will be fully-funded, meaning the UK government's debt pile will grow. Critics also worry the cuts will fuel already-high inflation — which hit a 40-year peak of 10.1% in July — by boosting demand.

📉 Domestically, a weakening pound could worsen the country's cost-of-living crisis by driving up food and gas prices. When the pound is weak, because goods from other countries become more expensive, if they are priced in stronger currencies such as the dollar.

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