BBC News reported on Monday that UK government expected to backtrack on proposal to abolish top earners from income taxwhich has provoked a backlash in the ruling Conservative Party.
No further details have been given in this regard.
Meanwhile, The Sun newspaper also reports that the British Prime Minister, Liz Truss is preparing to rule out eliminating the 45% tax rate after the crisis talks with the chancellor after the brutal reaction of the Tories last week.
Market reaction
Following these headlines, the British pound picked up fresh bids and broke above 1.1200 against the US dollar. At the time of writing, GBP/USD is up 0.84% ​​on the day and trading at 1.1252. Thus, the pound is trading at the highest level of the last six days, waiting for the highs of September 23 at 1.1274.
GBP/USD: 15 minutes
Source: Fx Street
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