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UK Pound Slides to Seven-Month Low After Budget Tax Signals
Sterling hits seven-month low as UK government signals tax increases ahead of budget, unsettling markets.
The UK £ dropped to around $1.3035 today, its weakest since April, after Rachel Reeves, the Chancellor, signalled upcoming tax rises ahead of the November budget. She hinted at income-tax and threshold freezes to plug a fiscal shortfall of £20-30 billion. The move spooked currency and equity markets as investors weigh growth vs tax trade-offs. Meanwhile, UK stocks under-performed global peers amid fears that higher taxes could dampen consumption and weigh on corporate earnings.