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UK Chancellor Rishi Sunak continued providing further details about his spending plans to help the economy to recover from the coronavirus pandemic.

Key highlights:

  • VAT on hospitality and tourism will be cut for the next 6 months.
  • UK to cut VAT to 5% for the hospitality sector.
  • In August we will give everyone eating out discount, meals will be cheaper Monday to Wednesday.
  • Customers can enjoy up to £10 off meals and non-alcoholic drinks per person in eligible cafes, pubs and restaurants.
  • Economic measures announced total £30 billion.

Meanwhile, the GBP/USD pair maintained its mildly positive tone above mid-1.2500s, albeit lacked any strong follow-through buying interest.