KEY POINTS
  • Sterling dropped as low as $1.084, after a program of tax cuts was unveiled in the House of Commons.
  • The pound has been on a precipitous fall against the greenback this year, hitting levels this month not seen since 1985.
  • Friday's measures were billed by the government as heralding a new era for the U.K. focused on growth, and included a mix of tax cuts and investment incentives for businesses.
Sterling hit a record low.

The embattled British pound fell 3.5% against the dollar Friday, after the new U.K. government announced a radical economic plan in a bid to boost growth.

Sterling had dropped as low as $1.084, extending losses it made after the measures were unveiled in the morning in London.