Sterling plunges to record lows against dollar

Monica Miller and Peter Hoskins BBC Economics Correspondents

sterling banknotes

Source, Getty Images

After the announcement of the biggest tax cuts in the last 50 years in the UK, the British pound fell to record levels against the US dollar.

Upon the developments, the Bank of England gave the message that it would not hesitate to raise interest rates.

In the statement, it was also given the message that the activity in the markets was followed closely.