Citing the UK government sources, the UK Times reported on Sunday, the country’s Finance Minister Rishi Sunak is considering plans to raise the property tax threshold to as high as GBP500K ($623,700) while temporarily slashing the value-added tax (VAT) in the hospitality sector, in an effort to boost the economy. Key takeaways “Sunak’s plans will also include a temporary VAT cut for pubs, restaurants and cafés to help to protect 2.4 million jobs in the hospitality sector.” “Exemption in the stamp duty payment for the planned threshold is for a temporary period and could go up to a year.” “Sunak is set to make an announcement on Wednesday on the government’s job support schemes and its plans to kickstart the economy.” FX Implications These above measures could likely benefit the pound and accelerate the upside in the GBP/USD pair. The cable was last trading at 1.2480, modestly flat on the day. The spot recovered from daily lows of 1.2459, reached after markets reacted to the weekend comments from the BOE Governor Andrew Bailey on the negative interest rates. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/JPY jumps nearly 0.5% as stocks shrug off coronavirus concerns FX Street 3 years Citing the UK government sources, the UK Times reported on Sunday, the country’s Finance Minister Rishi Sunak is considering plans to raise the property tax threshold to as high as GBP500K ($623,700) while temporarily slashing the value-added tax (VAT) in the hospitality sector, in an effort to boost the economy. Key takeaways “Sunak’s plans will also include a temporary VAT cut for pubs, restaurants and cafés to help to protect 2.4 million jobs in the hospitality sector.” “Exemption in the stamp duty payment for the planned threshold is for a temporary period and could go up to a year.” “Sunak is… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
