UK Chancellor Sunak plans for emergency budget to save 2 million jobs lost over coronavirus crisis – The Sun

Anil Panchal FXStreet

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.

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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