The British pound rose to its highest level in almost two weeks thanks to the decision of the British government to reverse its previous decision to cut income tax for the rich.
The pound rose 0.08 percent to $1.1333, about 10 percent off the record low against the dollar seen last week after Finance Minister Kwasi Korting announced a mini-budget to eliminate the highest rate. income tax cuts financed by increased borrowing.
Finance Minister Kwasi Quarting’s promise to abolish the 45p tax paid by people earning more than £150,000 a year met with strong opposition and an uprising among Conservative MPs who threatened to vote against the plan. saying it was unfair Fair in the midst of a cost-of-living crisis.
On Monday, the British pound hit a record low below $1.04 before regaining some of its gains to around $1.05. The next day, the pound regained some of its gains, climbing 1.27% to $1.0825.
Source: El Iktisad
