GBP flows: GBP softer on leaked Budget details

Leaked details of the UK Budget suggest some very back loaded tax increases concentrated in 2028-30. This lacks some credibility as much can change, and there will always be doubt on whether the government will follow through on contractionary measures in the run-up to an election. The next election must be held by August 2029. GBP has softened in response, with EUR/GP up around 20 pips in the last half an hour. Risks remain to the upside with the Chancellor due to speak from around 12:30GMT