The British pound has crashed to a record low against the US dollar, as markets react to the UK's biggest tax cuts in 50 years.
The plunge of nearly 5 percent to just above $1.03, came during trading in Asia and Australia, before recovering slightly as European traders came online.
The Bank of England says it won't hesitate to raise interest rates by as much as needed to return inflation to the 2 percent target.
Former deputy governor of the UK's central bank Sir John Gieve spoke to Corin Dann.
