Search ForexCrunch

British Finance Minister Rishi Sunak said on Thursday that unemployment is expected to continue to rise in the UK and noted that they are acting before a “tricky, difficult winter economy,” as reported by Reuters.

Additional takeaways

“We always stand ready to do what’s necessary.”

“We are ready to do more if needed.”

“We cannot continue to provide the same support as we did at the beginning, it’s not sustainable.”

“We need to be mindful of the cost of job support.”

“As economy recovers, we need to keep an eye on public finances.”

“I will need to make difficult decisions on public finances in the future.”

“Priority needs to be on recovery for now.”

Market reaction

The GBP/USD pair showed little to no reaction to these remarks and was last seen gaining 0.08% on the day at 1.2732.