The Pound Slips Against the Dollar

The British pound fell against the US dollar on Friday

This drop in pound currency came after UK government emergency talks. 

Market volatility was caused by an urgent meeting UK officials & external budget experts over a tax-cutting scheme.

The pound was last trading down by 0.40% at $1.1082, erasing previous gains.

The British pound reached $1.123 in Friday's Asian trade, recouping the losses it suffered when it hit an all-time low of $1.035 on Monday.

There are worries that the UK's increasingly loose fiscal policy could increase inflation 

Also will hasten interest rate increases, and weaken the already fragile British economy. 

The Bank of England intervened in the turmoil in the UK financial markets.

And said that in order to calm the debt markets, it will temporarily purchase as much UK government bonds as necessary