The pound has slumped to its lowest level against the dollar since decimalisation in 1971
Sterling fell by more than 4% to just 1.0327 dollars in early Asia trade before it regained some ground to about 1.05 dollars early on Monday, when the euro also hit a fresh 20-year low amid recession and energy security fears.
Ms Truss said her Government was "incentivising businesses to invest and we're also helping ordinary people with their taxes". Three days after his fiscal statement, the Chancellor indicated his announcements were just the beginning of the Government's agenda designed to revive the UK's stagnant economy.
The £45 billion tax-slashing package was met with alarm by leading economists, some Tory MPs and financial markets - with the pound tumbling to fresh 37-year lows. "I think that if we can get some of the reforms ... if we get business back on its feet, we can get this country moving and we can grow our economy, and that's what my focus is 100% about"."I've been focused on the longer term and the medium term, and I think it was absolutely necessary that we had a long-term growth plan," he said.
"If there is an exogenous extreme event, I can't possibly say that we won't borrow to deal with that".
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