Pound slumps to all-time low against dollar

The pound has fallen to its lowest level against the US dollar since decimalization in 1971.

In early Asian trade, sterling fell more than 4% to $1.0327 before regaining some ground to around $1.05.

This comes after British Chancellor Kwasi Kwarteng unveiled historic tax cuts funded by a huge increase in borrowing.

The pound was also under pressure as the dollar was strengthened by the US Federal Reserve, which continued to raise interest rates.