The UK Chancellor of Finance, jeremy hunt, presents the autumn budget to Parliament, which took on greater importance after the economic and political events in September and October. Hunt said the plan will address the rising cost of living crisis and rebuild the economy. “We will make tough decisions to tackle inflation,” he said.
About him bank of england (BoE), Hunt said that he has done an outstanding job and gave him his full support. She said that they will not change the powers of the central bank, as former Prime Minister Liz Truss had proposed at one point.
“Unfunded tax cuts are just as risky as unfunded spending,” Hunt said. He explained that general tax rates have not increased and that taxes on windfall profits should be temporary, without affecting investment.
Market Reaction
The pound sterling is reacting negatively to the exposure. The GBPUSD is trading negative, approaching 1.1800, while the EURGBP rises and is in the zone of daily maximums above 0.8740.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
