Financial Times reports that the current Chancellor of the Exchequer in the Truss government, Kwasi Kwarteng is likely to be fired. In addition, Truss is expected to maintain cuts in health premiums and basic income tax. It is also worth recalling that today is the last day of buying by the BoE.
The Truss conference is scheduled to take place at 1:00 pm, while a government spokesman would not comment on the issue of Kwarteng's potential dismissal. The pound has been gaining in recent minutes. 10-year bond yields fall below 4%
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Emergency buying by the BoE. As you can see, despite the daily limit of £10 billion, not once has it been reached. Source: Bloomberg
GBPUSD loses on the day's outlook, but minimally reduces losses after the news came out. Source: xStation5
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