Pound Jumps as Government Abandons Plan to Cut Top Rate Tax
03 Oktober 2022 - 09:45AM
Dow Jones News
Pound Jumps as UK Government Abandons Plan to Cut Tax Rate For
Top Earners
0709 GMT - The pound jumps after news that the U.K. government
backtracked by dropping a pledge to cut the rate of income tax for
top earners, rising back to levels before the budget was announced.
ING says although this doesn't justify the pound trading much
higher than that, it does "alleviate the risk of cable [GBP/USD]
trading to parity in that it shows Downing Street will show greater
respect to financial markets when considering policy options."
GBP/USD could trade in a range between 1.1000-1.1350 and EUR/GBP
could trade below 0.8700, ING analyst Chris Turner says in a note.
GBP/USD trades at 1.1186, having hit a high of 1.1280. EUR/GBP
trades at 0.8757. (jessica.fleetham@wsj.com)
Top News:
UK Government Won't End 45% Top Rate Of Income Tax -- WSJ
The U.K. government Monday said it won't proceed with the
removal of a 45% top rate of income tax, removing a key element of
the mini-budget unveiled late last month that triggered turmoil in
the country's financial markets and an intervention by the Bank of
England.
Companies News:
James Halstead FY 2022 Pretax Profit, Revenue Rose; New Year
Started Well
James Halstead PLC said Monday that its fiscal 2022 pretax
profit and revenue rose on sales growth and despite increased
costs, and the new year has begun well.
---
Halma Acquires IZI Medical Products in US
Halma PLC said Monday that it has acquired IZI Medical Products,
a designer, manufacturer and distributor of medical consumable
devices headquartered in Maryland in the U.S., for an initial
consideration of $153.5 million in cash.
---
QinetiQ to Buy Air Affairs for $33.9 Mln; To Sell Belgian
Division for $31.4 Mln
QinetiQ Group PLC said Monday that it has agreed to buy Air
Affairs (Australia) Pty for 53 million Australian dollars ($33.9
million) in cash, and that it will sell QinetiQ Space NV for 32
million euros ($31.4 million) in cash.
---
Argentex Expects Higher 1H Revenue
Argentex Group PLC said Monday that it expects to report a rise
in revenue for the first half and the board is confident the
company will exceed current market expectations for the year.
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
October 03, 2022 03:30 ET (07:30 GMT)
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