FTSE 100 Live : The pound sterling fell below $1.04, hitting its lowest level

The pound sterling fell below $1.04

The Sterling pound reaches its lowest value. The British pound has fallen to a record low against the dollar as markets react to the United Kingdom's most significant tax cuts in 50 years.

The BBC reported that the British pound fell below $1.04 in early Asian trading before recovering some of its gains to around $1.05 Monday morning (UK time).

FTSE 100 slips to opening levels as oil prices fall

• If the pound remains at such low levels against the dollar, imports of dollar-traded goods, including oil and gas, will become more expensive.

• The euro also hit a 20-year low against the dollar in Asian morning trading as investors worry about the risk of recession as winter approaches and there is no sign of an end to the energy crisis or the war in Ukraine.

• UK Finance Minister Kwasi Kwarteng promised further tax cuts and a £45 billion package as higher borrowing is expected.