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Bank of England Fails to Reassure Markets After Pound Plunge
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Bank of England Fails to Reassure Markets After Pound Plunge

By JILL LAWLESS and DANICA KIRKA, Associated PressLONDON (AP) — The Bank of England sought to reassure financial markets after the British pound touched an all-time low against the U.S. dollar Monday, but its entreaty fell flat for investors concerned about a sweeping package of tax cuts that further jolted a faltering economy that the government’s plan was meant to prop up.The central bank said it was “closely monitoring’’ the markets and would not hesitate to boost interest rates to curb inflation. Its statement came after the pound plunged as low as $1.0373, the lowest since the decimalization of the currency in 1971, on concerns that tax cuts announced Friday by Treasury chief Kwasi Kwarteng would swell government debt and fuel further inflation as the United Kingdom teeters toward ...