Sunak addresses lawmakers in parliament
- We are providing significant extra support
- The highest priority is to protect jobs
- BOE governor Bailey and I are in constant communication
- The economic effects of lockdown are much longer lasting
- Will pay for wages up to 80%
- Policy will be reviewed again in January
- Will pay cost of pension contributions
- Furlough bonus for employers falls away
- Self-employed grant will increase
That is good news for the UK economy and the combo of fiscal and monetary policy support is one that should improve the pound fundamentals at least.
But if the health crisis doesn't get better over time and the threat of a no-deal Brexit persists, that could keep the outlook somewhat less bright in the weeks ahead. Cable now up to a session high of 1.3077 as we are also seeing the dollar slide further on the day.
