The pound fell to a record low against the dollar overnight as markets reacted to the UK's biggest tax cuts in 50 years. In early Asia trade, sterling fell close to $1.03 before regaining some ground to stand at about $1.07 on Monday morning, UK time.

Today's Nick Robinson spoke to Mohamed El-Erian, chief economics advisor to Allianz, and former Deputy Governor of the Bank of England and on the Monetary Policy Committee, Sir John Gieve.

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