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Sterling drops 1% as PM Truss defends economic plans

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Reuters UK

LONDON (Reuters) – Sterling fell as much as 1% on Thursday after British Prime Minister Liz Truss defended economic plans that have triggered chaos in the country’s markets. Truss said big tax cuts were the right path for Britain and refused to consider reversing the so-called “mini budget” laid out last week. The pound was last down 0.88% to $1.0791 after hitting a session low of $1.0764. The euro was up 0.18% against sterling at 89.54 pence. Sterling crashed to a record low against the dollar of $1.0327 on Monday after new finance minister Kwasi Kwarteng unveiled plans to slash taxes, partic…

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