Pound hits record high against dollar, bonds tumble as tax cut plans spook investors

LONDON — The beleaguered British pound was again hit by a sell-off from investors on Monday, despite promises from the Bank of England to raise interest rates as much as needed to meet its inflation targets.

The central bank’s comments came as UK markets continued to reel over fears the government’s plans for major tax cuts and new spending could trigger higher inflation and strain public finances. danger.