British pound plunges below $1.11 after new government announces economic reforms

Sterling hit its lowest level since Jul. 1, 2020.
Matt Cardy | Getty Images

The embattled British pound fell 1.6% Friday against the dollar, after the new U.K. government announced a radical economic plan in a bid to boost growth.

Sterling dipped as low as $1.1077 at 11:33 a.m. London time, around an hour after the measures were unveiled in the House of Commons.

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