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17 Nov 2020
UK PM Johnson considers temporary cut to foreign aid spending – Times
Early Tuesday morning in Asia, Times came out with a story, relying on its sources, saying that UK PM Boris Johnson is considering a temporary cut to foreign aid spending to repair the covid-ravaged public finances at home.
Details suggest that a planned reduction of 0.2% (from 0.7% of the gross national income (GNI) to 0.5% of GNI) in the outlay is gaining more support.
The news also saying that British Chancellor Rishi Sunak is pushing PM Johnson to announce the measures during the next week’s spending review speech.
GBP/USD struggles…
Following the news, GBP/USD eases from the 1.3200 round-figure to 1.3193 while waiting for BOE Governor Andrew Bailey’s speech for fresh direction.