UK PM Johnson to reveal tax rise for 25 million people to pay for social care - The Telegraph

Anil Panchal FXStreet

Late Thursday, The Telegraph came out with the news suggesting that the UK PM is on the way to announce next week a tax hike to pay for an overhaul in social care.

Johnson will reveal a rise in national insurance that will see around 25 million people pay extra tax, the report said.

It's worth noting that the Sky News said, "Boris Johnson has admitted the UK needs to 'go faster' in vaccinating 16 and 17-year-olds despite many teenagers taking up the opportunity to get the coronavirus jab." The news also confirmed the booster jab plan for September.

FX implications

Although the news should have ideally weighed on the GBP/USD prices, the cable edges higher around 1.3835-40, the highest level in 13 days by the press time.

Read: GBP/USD bulls take on the dynamic resistance ahead of critical NFP data

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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