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UK Chancellor Reeves announces £26 billion tax hikes amid higher spending, causing GBP/USD to retreat after initial gains amid market uncertainty and fiscal concerns.
UK Finance Minister Reeves has scrapped planned income tax hikes in the upcoming budget, alarming investors and causing GBPUSD to fall amid concerns over rising borrowing costs and fiscal uncertainty.
UK government abandons planned income tax rises, causing bond yields to spike and sterling to weaken sharply versus the dollar and euro amid fiscal concerns.