After the most significant tax cuts in 50 years, the British pound fell to an  all-time low versus  the US dollar.

The pound dropped more  than 4% early Monday,  eventually closing at $1.06.

The sharp drop occurred as  Asia and Australia began  to trade.

continuing a 2% drop  from Friday

forecasts that the pound will  fall to parity with the  US currency

Imports of oil and gas will  become more expensive  if the pound remains weak  against the dollar.

British visitors will also  notice that their money  will go farther than  previously.

The fall in the value of  the pound may force the Bank of England to raise  interest rates in order to  keep the currency stable.

Source: Google

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