Pound falls as Osborne says spending cuts are needed

The British Sterling weakened on Monday trading session falling for the third straight day against the U.S. Dollar after the Bank of England Chancellor George Osborne claimed that spending cuts are necessary to tax reductions. The Pound slipped 0.4% to $1.6352 as of 7:58 a.m. in London following an increase to $1.6603 on January 2, the most since August 2011.