Pound Value Plummets Against U.S. Dollar Following UK Tax Cut

BATH, UNITED KINGDOM - SEPTEMBER 27: In this photo illustration, Queen Elizabeth II's portrait is seen on a old British GDP £1 one pound note on September 27, 2022 in Bath, England. The UK pound sterling fell to its lowest level against the U.S. dollar as concerns grew at the prospect of a surge in the UK government borrowing to pay for the multiple tax cuts, announced in Conservative Party chancellor Kwasi Kwarteng’s mini-budget. The fall in the value of sterling is also contributing to the UK's cost of living crisis, as inflation hits a near-30-year high. (Photo by Matt Cardy/Getty Images)