The pound is supported against the euro and is stronger against the dollar this morning following the announcement of a £15bn economic plan to tackle the UK’s soaring cost of living.
Chancellor of the Exchequer Rishi Sunak announced yesterday that every UK household will receive a £400 discount on their energy bills in October, with the lowest income houses receiving an additional one-off payment of £650.
However, with ongoing controversies over the ‘partygate’ scandal within the UK government and pressure building on the Prime Minister to resign, sterling may struggle to make substantial gains.
It’s a quiet day for UK data today and similarly so at the start of next week. The next big data release will be mortgage lending and approvals on Tuesday.
