Sterling Strengthens After Budget AnnouncementMarch 17, 2016 3:59 pm
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.
The current GBP-EUR exchange rate stands at 1.279.
You can visit our Currency Centre any time to view our Currency Charts to look at data for today and the last 12 months.
If you would like any advice on the currency market and how to manage your exposure in a volatile market, please get in touch with our UK-based Customer Support Team. We are available Monday – Friday on +44(0) 203 603 8940 or you can email us 24/7 on [email protected]Tags: Pound strengthens, UK budget announcement
Categorised in: News
This post was written by Kayleigh Driscoll