UK: Pound drops to 31-year low against Dollar on Brexit fears
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The British pound sunk to record lows against the US dollar leading to jokes that British words should be replaced with American versions.

On Monday morning, the pound fell to a record low of $1.03.

Monday's drop continued the slump it initially started on Friday after Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng announced their new tax cut plan.

This is the first time the pound sterling fell below $1.14 in 37 years.

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As people watched the pound sterling heading towards parity with the US dollar, Americans joked that now British words and spelling should be Americanized.

"If the US dollar and Great British pound reach parity then we may need to rename the country to simply 'Britain'," Zuby tweeted.

"Attention UK residents: it‘s now called Soccer. Also your pronunciation of "aluminum" needs work," another Twitter user said.

"New York is just York now," Gabriel wrote.

Truss and Kwarteng new economic plan will reduce income tax one year earlier than planned and slashed a plan corporation tax increase among other things.

The plan was unveiled despite warnings from the Bank of England that the UK was already in a recession.

Monday's market reflected the reaction to the massive tax change.

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