Pound falls to 37-year low against dollar as recession looms

The British currency plunged over 3% on Friday. It's trading at levels last seen in the early 1980s. [Istockphoto]

The British pound has resumed a slide against the U.S. dollar that picked up pace last week after the U.K.'s new government outlined plans to cut taxes and boost spending.

The pound dipped as low as $1.0349 per U.S. dollar early Monday but then rebounded to $1.0671, down 2.3%.