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 4 per cent to the equivalent of just $1.03.This video explains how this could impact households. Source: PA