UK Chancellor Sunak plans for emergency budget to save 2 million jobs lost over coronavirus crisis – The Sun
|The Sun came out with the news suggesting additional efforts by the UK’s Tory government to help British workers. The report cited the UK Times, which relied on sources, to suggest extra spending on infrastructure and a government bailout for struggling companies.
Key quotes
The Chancellor wants to save millions of furloughed workers by retraining them, as well as splashing cash on British tech firms.
Mr. Sunak wants to make his scheme the centerpiece of a budget statement to MPs scheduled for July.
It comes after he warned last week that two million jobs would be lost unless pubs and restaurants, shut on March 23, are reopened.
Boris Johnson has said he hopes pubs, restaurants and hotels may all re-open next month.
Mr. Sunak’s budget statement will follow a speech by the PM at the end of next month.
FX implications
Except for an initial uptick to 1.2355 from 1.2334, GBP/USD seems to pay a little heed to the news by the early Asian session on Monday. The reason could be traced from the Cable buyers’ cautious sentiment ahead of this week’s key Brexit talks as well as the present tension between the US and China.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.