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British Finance Minister Rishi Sunak said on Wednesday that they have to acknowledge the stark reality of economic costs of another national lockdown.

“Data is beginning to reveal the true damage to the labour market from pandemic despite government support,” Sunak added. “As the crisis evolves, our economic response will also evolve.”

Market reaction

The British pound preserves its strength against its rivals following these comments. As of writing, the GBP/USD pair was up 0.51% on the day at 1.3000. Meanwhile, the UK’s FTSE 100 Index was down 0.25% at 5,954.