The Financial Times (FT) carries a fresh report on Friday, citing the UK Finance Minister (Chancellor) Rishi Sunak is considering plans for setting up a new infrastructure bank to provide funds for capital projects.
The new bank will partially replace the absence in the future of the European Investment Bank, the FT reports.
The decision is likely to be announced in Sunak’s Autumn statement.
GBP/USD unfazed
The pound is unfazed by the above report, as GBP/USD trades on the defensive amid the dismal market mood.
The cable drops despite the broad US dollar weakness. At the press time, the major trades at 1.2750, down 0.09% on the day.
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