Pound Plummets to 14-Month Low: UK Braces for Potential Tax Hikes Amid Soaring Borrowing Costs
2025-01-10
Evening Standard
The UK is on high alert for potential tax rises as the Pound slumped to a new 14-month low, while the cost of Government borrowing continues to escalate. Former Deputy Governor for Financial Stability, Sir John Gieve, issued a warning as the country's economic concerns intensify. With the Pound's value dwindling, the UK faces increasing financial pressures, including rising borrowing costs and potential tax increases, sparking fears of an economic downturn and higher cost of living, amidst growing concerns over financial stability and monetary policy.