Tax cut plans pull British pound to 4 decade low of 1.0349 against US dollar
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The British pound has resumed a slide against the US dollar that picked up pace last week after the UK's new government outlined plans to cut taxes and boost spending. The pound dipped as low as USD 1.0349 per US dollar early on Monday but then rebounded to USD 1.0671, down 2.3 per cent. The tax-cut plan has sparked concerns that increased public borrowing will worsen the nation's cost-of-living crisis.