Kwarteng's Mini Budget sees sterling slump to record low versus the dollar

Almost 5% decline

The pound has fallen to a record low against the US dollar following UK Chancellor Kwasi Kwarteng's Mini Budget announcement.

Sterling slid by almost 5% to $1.035 when Asia trading opened on Monday (26 September), surpassing the then-record lows hit on Friday (23 September) immediately after Kwarteng introduced the biggest tax cuts in 50 years. Since then, sterling has been declining, increasing concerns that sterling would reach parity with the dollar. Thirteen key takeaways from Mini Budget 2022 Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdown, said the pound's "fast downwards track of a rollercoaster" reflected a lack on confidence in the government's economic management, w...