The pound is supported against the euro and is trading around a one-month high against the dollar this morning following the announcement of a major economic plan to tackle the UK’s soaring cost of living.
Chancellor Rishi Sunak has announced a £15bn cost of living plan that will involve every UK household receiving a £400 discount on energy bills from October. In addition, the lowest-income families will get a one-off payment of £650.
This comes as energy prices continue to soar with the UK’s energy regulator warning that the typical household bill will rise by £800 in the autumn.
The government has also revealed it will be introducing a windfall tax on oil and gas firms after previously being against the idea.
In other news, today’s key events and data releases will be a speech by the European Central Bank’s chief economist and Michigan consumer sentiment figures in the US.
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