UK's Sunak: There will be further 18 billion GBP of fiscal loosening this year

"There will be further 18 billion GBP of fiscal loosening this year and the total fiscal stimulus will be 30 billion GBP," British Chancellor of the Exchequer, Rishi Sunak, said while presenting the PM Johnson's government's first budget.

Market reaction

The GBP/USD pair edged lower on these remarks and was last seen trading at 1.2920, still up 0.12% on a daily basis.

Additional takeaways

"World economy was slowing even before coronavirus."

"The OBR has downgraded UK productivity and lowered GDP growth."

"Will fund extra 175 billion GBP over next 5 years for future prosperity."

"Today's increase in public investment will boost productivity."

"Wages expected to grow in real terms every year in forecast."