Prime Minister Liz Truss's new government was off to a rough start after the British pound fell to an all-time low against the US dollar on Monday.

The currency plummeted following the announcement of a "minibudget" by the new Chancellor of the Exchequer Kwasi Kwarteng, which included a promise of sweeping tax cuts.

The pound reached as low as $1.0373 on Monday morning before rallying back to $1.07. The drop equates to a loss of more than 5% of the pound's value against the dollar since Friday.

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