13:39 UK PM Sunak signs off on tax rises, GBP remains under pressure – by fx_ross UnitedKingdom GBPUSD Politics
The new Prime Minister for the UK, Rishi Sunak, is reported to be set to sign off on raising taxes across the board as the new British prime minister looks to plug a £50bn hole in public finances.
the article reports that a Treasury official said after the bilateral meeting: “It is going to be rough. The truth is that everybody will need to contribute more in tax if we are to maintain public services. The article states that the Treasury officials said there was an “eye-watering fiscal black hole”, as they attempted to prepare the public for tough economicThe UK political scene has been a major driver in financial markets of late. However, a new UK administration has brought more stability to the local bond and currency market.
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