How will the plunge of the pound affect the cost of living crisis?

The aftermath of Kwasi Kwarteng's tax-slashing economic plan revelation has seen the pound sterling plummeting in value, reaching an all-time low against the US dollar.

In light of this, those already struggling to make ends meet amid a cost of living crisis will all be asking the same question - what does this mean for my pocket?

Market confidence has been hammered by the Government's biggest tax cuts in 50 years, sending the pound falling by over four per cent to the equivalent of just $1.03.

This video explains how this could impact households.

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