UK Treasury wants to close growing budget deficit
It might not get much more air today due to the UK holidays, but just remember this is a story to be noted for the pound since the weekend.
UK Treasury officials are looking to raise taxes on capital gains and profits, with the corporate tax rate set to rise to 24% from the current 19%.
As the government plans to put its holiday schedule aside, the financial side of things doesn’t look too favorable for the pound as we look into the latter stages of the year. So that just adds to the headwinds for the pound and that’s something to consider.
But maybe we’ll probably see more of the currency impact on the crosses rather than the cable, given that the dollar itself is in a perilous state at the moment.