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Spikes over a big figure on the income tax reversal story

  • GBPUSD jumped over one whole big figure on the BBC story that the decision to cut the 45% income tax rate would be reversed.
  • Overall this makes no real difference to the fiscal numbers but shows that the PM and Chancellor are at least willing to dial back some of their plan in the light of the clear opposition (from both the public and within the party).
  • GBPUSD hit a high of 1.1281 from around 1.1150 prior to the announcement and now trades at 1.1250 at the time of writing.

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