Early Friday morning in Asia, The Sun came out with the news suggesting that the UK Treasury and No10 would be divided on whether to extend state aid for the self-employed.
Their disagreements were blamed on the delay in announcing whether the self-employed income support plan (SEISS) will be continued in accordance with the five-month extension for workers on leave.
Chancellor Rishi Sunak has so far refused to call more and more to expand the program, which currently offers the self-employed up to £ 7,500 to cover three months of lost income – covering March, April and May.
In contrast, the employee leave plan has already been extended to eight months – ending in October.
This is despite the fact that Boris Johnson hailed the SEISS as granting “support parity” to the self-employed compared to the employees.
Self-employed workers have warned Sunak that they need a decision in a matter of days because they face a “cliff” on June 1 when the money dries up.
The news did not offer a major direction to the GBP / USD pair despite a negative catalyst. That said, the cable is currently trading near 1.2225 while extending recoveries by 1.2212 in the last hour.