The British pound fell to all-time low against the US dollar early on Monday after Treasury chief Kwasi Kwarteng pledged a sweeping package of tax cuts, fuelling concerns about the government's economic policy as the United Kingdom teeters toward recession.The pound fell as low as $US1.0373 ($1.60), its lowest level since the decimalisation of the currency in 1971, before rallying to above $US1.07 ($1.64) in London morning trading.The weakening currency piles pressure on the UK's new Conservative government, which has gambled that slashing taxes — and increasing borrowing to compensate — will spur economic growth.
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