UK Chancellor Sunak to unveil fourth COVID-19 support package for ailing firms
|UK Chancellor Rishi Sunak is to unveil a fourth COVID-19 support package for ailing firms in as many months amid mounting pressure on the government to help hard-hit companies in lockdown-affected regions.
The Guardian reported on Wednesday that trade unions and the UK’s five big employers’ organisations have been summoned to the Treasury on Thursday morning to hear details of the chancellor’s plans before he makes a statement to MPs.
Market implications
GBP/USD has been meandering in late New York following a strong rally from 1.2934 lows to 1.3176 on dollar weakness.
Brexit fears ebb and flow as to rate cut expectations will undermine the pound, but the stimulus has to be good news which alleviates some of the pressure from the Bank of England to cut rates.
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