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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