Pound rises with UK gov't accelerating measures

Monday, 17. October 2022 08:11

The British pound increased against the United States dollar and the euro on Monday after the United Kingdom Treasury announced that Chancellor of the Exchequer Jeremy Hunt will be "bringing forward measures from the Medium-Term Fiscal Plan that will support fiscal sustainability."

The new chancellor is in contact with Prime Minister Liz Truss, Bank of England Governor Andrew Bailey and the Head of the Debt Management Office Robert Stheeman, which seemingly assured markets that instability that was caused by the government's recent economic decisions will be avoided this time.

The sterling jumped 1.02% against the greenback, changing hands for 1.12866 at 8:11 am CET. The Eurozone currency lost 0.44% compared to the pound, going for 0.86360 at the same time.

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Author:
Baha Breaking News (BBN) / MS