The pound has plunged to an all-time low against the US dollar amid hammered market confidence in the Government's economic plans after the Chancellor last week unveiled the biggest tax cuts in 50 years and signalled more were on the way.

The pound has plunged to an all-time low against the US dollar amid hammered market confidence in the Government's economic plans after the Chancellor last week unveiled the biggest tax cuts in 50 years and signalled more were on the way.