The British pound hit a record low over fears about income tax cuts and debt

https://www.npr.org/2022/09/26/ [login to see] /british-pound-record-low-dollar
The British pound weakened to a record-low level against the U.S. dollar soon after global currency markets opened for the week in Asia on Monday, as traders and investors continue to react negatively to new plans unveiled last week by the United Kingdom's finance minister, Kwasi Kwarteng.

At one point, the pound was trading at just over $1.03, lower than at any time in history, before recovering slightly to above $1.06 — though it remained around its worst levels against the U.S. currency in the past 40 years. In recent weeks, the U.K.'s central bank, the Bank of England, has warned the country may already be in a recession.