The pound hit an all-time low against the dollar after tax cuts in Kwasi Kwarteng’s mini-budget undermined confidence in the UK

Value of £1 in dollars

Market closed

1.15

1.1

23 September 09:30

Kwarteng announced

mini-budget tax cuts

1.05

$1.035

26 September

02:02

1

06:00

23 Sep

12:00

18:00

00:00

26 Sep

06:00

1.15

Market

closed

1.1

23 September 09:30

Kwarteng announced

mini-budget tax cuts

1.05

$1.035

26 September 02:02

1

06:00

23 Sep

12:00

18:00

00:00

26 Sep

06:00

Guardian graphic. Source: Refinitiv Note: all times BST. X-axis is condensed where the market closed from 23 Sep 22:00 until 24 Sep 20:00