British Pound , Sinks to New Lows.<br />NBC News reports that after Treasury Chief Kwasi Kwarteng promised the biggest tax cuts in 50 years on Sept. 23.<br />the British pound dropped to an all-time low against the American dollar on Sept. 26.<br />It fell to $1.0373 before reaching <br />$1.0672 in early London trading.<br />Since Sept. 23, the British pound has lost over 5% of its value against the U.S. dollar.<br />The drop comes as the government intends to spend 60 billion pounds, which it will borrow, .<br />to aid those who are struggling to pay high <br />energy bills caused by Russia's war with Ukraine.<br />to aid those who are struggling to pay high <br />energy bills caused by Russia's war with Ukraine.<br />Critics have called the move "reckless," but Kwarteng and Prime Minister Liz Truss believe that putting more money <br />into the pockets of Brits will spur economic growth.<br />Critics have called the move "reckless," but Kwarteng and Prime Minister Liz Truss believe that putting more money <br />into the pockets of Brits will spur economic growth.<br />Kwarteng said the government will reveal plans for reducing the U.K.'s debt in the coming months. .<br />On Sept. 22, interest rates were raised by half a percentage point by Britain's central bank.
