Sweeping tax cuts and 10 new freeports


UK Finance Minister Mr. Sunak isn’t yet tired of inflating the government’s push to hike the demand. Following his last week’s multi-billion pounds of the package, the Chancellor is anticipated, as per the Telegraph (UK), to introduce sweeping tax cuts and an overhaul of planning laws in up to 10 new “freeports” within a year of the UK becoming fully independent from the European Union in December.

The US has once again set a record-high number of coronavirus cases for the fourth consecutive day. 
more than 70,000 people tested positive to COVID-19 on Friday, fueled by soaring numbers in California, Arizona, Texas, and Florida.
In comparison, there were just above 63,900 new infections reported the previous day. A weaker USD can be blamed on the spread of the virus based on unpredictable economic repercussions.
Meanwhile, in Europe, countries facing a Brexit economic shock are in line to get access to a €5bn crisis reserve, under a draft proposal from the president of the European Council that is hoping to end a deadlock over the bloc’s recovery fund and long-term budget.  Croatia has announced they will replace the Kuna with the EUR, joining 19 other countries that have ditched their own currency for the Euro.

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Millbank FX Weekly Updates
13th July 2020