Pound drops after Truss backs low tax policy again

Wednesday, 05. October 2022 13:29

The British pound lost over 1% against the United States dollar on Wednesday after United Kingdom Prime Minister Liz Truss strongly reaffirmed support for cutting taxes in an attempt to spur economic growth.

Downing Street will lower the "tax burden" as it is the "right thing to do morally and economically," but will also "keep an iron grip on the nation's finances," according to the new leader of the UK government.

The sterling dropped 0.96% against the dollar, changing hands for 1.13653 at 1:25 pm CET. The euro rose by 0.22% compared to the British currency, going for 0.87250 a minute later.

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