The British pound decreased compared to the United States dollar on Thursday as United Kingdom Chancellor of the Exchequer Jeremy Hunt unveiled the new government's economic plan.

Among a series of new measures, the UK Treasury will lower the income threshold for the 45% tax rate while increasing the windfall tax for energy companies.

The sterling lost 0.68% against the greenback, changing hands for 1.18394 at 12:54 pm CET. The euro gained 0.14% compared to the British currency, going for 0.87374 at the same time.