The British pound fell to a record low against the US dollar on Monday on growing fears for the stability of the UK government's finances.

A nearly 5% drop to more than $1.03 came in trade in Asia and Australia on Monday and extended a 3.6% decline from Friday, increasing expectations that the pound could fall against the US dollar. 

The budget follows UK Chancellor of the Exchequer Kwasi Kwarteng's announcement on Friday that the UK will implement its biggest tax cut in 50 years as the government increases borrowing and spending in the face of high inflation.  

The measures, which include scrapping plans to raise corporate tax and cut income tax rates, have been criticized by opposition labor unions as 'economies' and even endorsed by the Chancellor of the Conservative Party. 

Kwarteng doubled down on the weekend, indicating in a TV interview on Sunday that tax cuts will come, saying Friday's measures are "just the beginning" as the government pulls out all the stops for the growth. 

Former Conservative chancellor Lord Ken Clarke criticized the tax cuts on Sunday, saying they could cause the pound to fall. "I'm afraid of the Americans who are not successful. 

But the terms of weak economic data is added to the US Dollars , money sees without storage that is visible during uncertainty. 

Eu Euro has ten hits when Gorgia Meloni won a victory on the full election in Italy. Investors are watching what they believe is the best government since the Fascist era of Benito Mussolini, which has raised concerns about unity within the European Union.