Pound hits record low; markets fall further ...Qatar

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Pound hits record low; markets fall further
The pound hit a record low against the dollar yesterday on surging fears about the UK economy after the government unveiled a huge tax-cutting budget. The selloff came as equity markets across Asia and Europe fell again owing to a growing expectation that central bank interest rate hikes to fight runaway inflation would lead to deep and painful recessions. In Tokyo, the Nikkei 225 closed down 2.7% to 26,431.55 points; Hong Kong Hang Seng Index ended down 0.4% to 17,855.14 points and Shanghai Composite closed down 1.2% to 3,051.23 points yesterday. Officials in several countries including the United States, Britain, Switzerland and Sweden announced more increases in the cost of borrowing. Th

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