The pound fell on Friday (23rd September) below $1.10 for the first time since 1985, while the FTSE 100 share index slid 2.3 per cent... after the UK chancellor said the government would scrap the 45p top rate of income tax and replace it with a 40p rate.

The tax cuts, which will reduce government income, come as the UK is expected to spend £150bn on subsidising energy costs for consumers and businesses.
Financial Times, September 2022

In less than a month in office Liz Truss and Kwasi Kwarteng have crashed the pound to a record low against the dollar, destroyed the credibility of UK fiscal policy, brought widespread predictions of a house-price crash and forced the Bank of England to step in with a big market intervention to head off a financial stability crisis that was threatening something that Tory members and voters hold dear: their pension funds and the assets they hold.
The Times, October 2022