Pound falls, borrowing costs jump as UK markets fears | Business

Sterling plunged to a 37-year low against the dollar and UK borrowing costs soared to their highest level in more than a decade as the government’s radical agenda of tax cuts and borrowing risked losing confidence in financial markets.

Investors panicked at the prospect of the unfunded tax cuts announced in the chancellor’s financial statement, sending the pound close to its weakest point since before 1985. Sterling fell 1.5 percent against the dollar to $1.10 after Treasury Secretary Kouassi announced Quarting tax. £140bn cuts to boost growth. The pound fell to $1.05 in 1985 when the United States was forced into an international currency devaluation agreement.

Yield on UK standard for 10 years

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