Pound down 0.5% against dollar in early trading after chancellor drops plans for upcoming budget
Borrowing costs for the UK have increased and the pound fallen after the chancellor’s extraordinary last-minute decision to ditch tax-raising plans in the upcoming budget.
Interest rates on government bonds rose by more than 10 basis points in early trading, putting them on track for their worst day since 2 July, when investors responded to a tearful appearance by Rachel Reeves in the House of Commons chamber. The pound meanwhile dropped 0.5% against the dollar.
Continue reading…Pound down 0.5% against dollar in early trading after chancellor drops plans for upcoming budgetBorrowing costs for the UK have increased and the pound fallen after the chancellor’s extraordinary last-minute decision to ditch tax-raising plans in the upcoming budget.Interest rates on government bonds rose by more than 10 basis points in early trading, putting them on track for their worst day since 2 July, when investors responded to a tearful appearance by Rachel Reeves in the House of Commons chamber. The pound meanwhile dropped 0.5% against the dollar. Continue reading…
