The pound hit a record low against the dollar on Monday on surging fears about the UK economy after the government unveiled a huge tax-cutting budget. The selloff came as most equity markets across Asia fell again owing to a growing expectation that central bank interest rate hikes to fight runaway inflation would lead to deep and painful recessions. Officials in several countries including the United States, Britain, Switzerland and Sweden unveiled more increases in the cost of borrowing. The moves sent equity markets deep into the red again after officials reiterated their focus on fighting inflation, even if that means causing a recession.

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