Next Wednesday the Chancellor George Osborne is due to give the budget and with the UK facing economic difficulties with many people stating we could hit recession this year what the coalition government have in store for the country could have a big impact on Sterling exchange rates. The latest rumours ahead of the budget are that the government will scrap the 50 pence top income tax rate which was introduced by Labour for anyone who earns over £150,000. The aim of this is to make it attractive for wealthy individuals to stay in the country which should in turn help the growth of the economy. With the budget only days away we could hear more in the lead up to the announcement, however the budget itself will have already been decided back in February and is now being signed off by the Office for Budget Responsibility (OBR) an independent department set up by the Coalition government.
We have seen in the past the budget cause big movements in the currency markets so if you need to transfer money abroad speak to us today so we can discuss your requirements and the options available to you. Our free phone number is 0800 328 5884 or if you are calling from abroad 0044 1494 725353 or you can email us at firstname.lastname@example.org