GBPUSD is on the move this morning, following a BBC report. BBC reported that a plan of cutting tax rate for high earners from 45% to 40% may be scrapped altogether. Idea of including tax cuts for high earners in an enormous tax cut plan that does not have financing has drawn public and insider backlash. Earlier, Telegraph reported that Tory MPs rebelled against UK Prime Minister Truss, threatening they won't vote on a planned cut to 45% tax rate until sources of financing are presented in the next budget (November 23, 2022). However, report from BBC hints that whole idea of a tax cut for high earners may be dropped.
GBPUSD broke above the resistance zone marked with 61.8% retracement of the downward impulse launched on September 13, 2022. Pair is trading at 2-week highs and above levels from the 'mini-budget' announcement that triggered a slump in GBP and UK bonds.
Start investing today or test a free demoOpen real account Try demo Download mobile app Download mobile app
Please be aware that the presented data refers to the past performance data and as such is not a reliable indicator of future performance.
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.