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Sterling Strengthens After Budget Announcement

March 17, 2016 3:59 pm Published by

Sterling gained strength against the US Dollar and Euro today following Chancellor George Osborne’s budget announcement to the House of Commons yesterday.

george-osborne-pa

Here are the main points:

  • Fuel duty was frozen for the 6th year running
  • A new tax on sugary soft drinks aiming to raise £520 million
  • Tax cut for higher earners paying the 40p rate
  • The tax-free tax allowance increasing to GBP 11,500 in April 2017
  • UK economy forecast to grow by 2% in 2016 as opposed to the anticipated 2.4%
  • Lifetime ISA – for every £4 saved, the Government will top this up by £1 up to the value of £4,000

Although growth is now expected to be slower than forecast for 2016; the market reacted well to the budget announcement and strengthened the value of the Pound overnight.

The current GBP-USD exchange rate stands at 1.445. 

GBPUSD1703

The current GBP-EUR exchange rate stands at 1.279.

GBPEUR1703

You can visit our Currency Centre any time to view our Currency Charts to look at data for today and the last 12 months.

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This post was written by Kayleigh Driscoll

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