The news is here from earlier:
- UK PM Starmer and fin min Reeves drop plan to hike income tax rates
- The UK prime minister and chancellor have 'ripped up' earlier proposals to raise the basic and higher income tax rates, officials have said.
GBP has taken a hit since. Fiscal fears are nothing new to GBP traders, the response is nearly automatic.
Starmer has been under political pressure. UK traders (GBP, Gilts, stocks) will be wondering what other fiscal cave ins he has in mind?
