#GBPUSD @ 1.12446 Breaking: jumps beyond 1.1200 as UK to reverse cut to higher rate tax
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BBC News reported on Monday that the UK government is expected to roll back the proposed scrapping of the higher rate of income tax that has sparked a backlash in the ruling Conservative Party.
No further details are provided on the same.
Meanwhile, the Sun is also reporting that UK PM Liz Truss is preparing to ditch scrapping a 45% tax rate following crisis talks with Chancellor after brutal Tory backlash last week.
On the above headlines, the pound caught a fresh bid and jumped above 1.1200 against the US dollar. At the time of writing, GBP/USD is adding 0.84% on the day at 1.1252. In doing so, cable is trading at the highest level in six days, eyeing September 23 highs of 1.1274.
GBP/USD: 15-minutes
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