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Sterling tanks 3%, set for biggest one-day fall since 2020

Pound and U.S. dollar banknotes are seen in this illustration

LONDON (Reuters) - Sterling extended its slide on Friday, falling more than 3% to as low as $1.0897, putting it on course for its biggest one-day fall since March 2020 when markets were roiled by the COVID-19 pandemic.

British finance minister Kwasi Kwarteng earlier in the day laid out a plan of historic tax cuts paid for by huge increases in borrowing, which sent British government bonds into freefall and the pound sharply lower.

(Reporting by Alun John; Editing by Tommy Reggiori Wilkes)