UK Chancellor Hunt, hemmed in by debt, set to focus on growth in British budget
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“British Finance Minister (Chancellor) Jeremy Hunt will announce on Wednesday how he will try to speed up the world’s sixth-biggest economy after the shocks of Brexit, a heavy COVID-19 hit and double-digit inflation have left it lagging behind its peers,” reported Reuters ahead of a budget speech to the UK parliament at around 12:30 GMT.
The news also mentioned that UK’s Hunt has dismissed calls from other lawmakers in the ruling Conservative Party for big tax cuts now to boost their fortunes before an election expected in 2024.
“In the autumn we took difficult decisions to deliver stability and sound money,” Hunt is due to say, according to excerpts of his budget speech. “Today, we deliver the next part of our plan: A budget for growth,” he will add reported Reuters.
GBP/USD seesaws around 1.2160 during early Wednesday, having reversed from a one-month high the previous day, as traders await the key UK event.
Also read: GBP/USD bulls meet resistance near 1.2200 ahead of UK budget
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