on Monday morning after new U.K. Finance Minister Jeremy Hunt announced he would deliver parts of his medium-term fiscal plan later in the session.
The pound was up 0.8% to $1.1254 by early Monday morning, extending gains after the statement from the U.K. Treasury. The decision follows a dramatic day in British politics on Friday, which included big fiscal U-turns from Prime Minister Liz Truss and the sacking of Finance Minister Kwasi Kwarteng. He was swiftly replaced by Hunt, who is expected to make a statement later on Monday.
The announcements today would come two weeks ahead of schedule. However, the full medium-term fiscal plan is still set to be published on Oct. 31, accompanied by a forecast from the independent Office for Budget Responsibility — something that was lacking in the original mini-budget announced on Sept. 23 which roiled U.K. bond markets.
Jou He's working for world bank's not Truss..or UK..in essence..