The Pound Sterling picked up in early morning trading on Tuesday following Bloomberg’s report that new Prime Minister Liz Truss had shored up plans for a £130 billion energy relief package for struggling UK households.
The Pound rose from 1.15646 just after 06:00 to 1.15894 after Bloomberg broke the scoop, with the Sterling trading at 1.16027 in late morning trading.
Truss is apparently set to eradicate the looming 80% price cap rise to £3,548 in October, instead either freezing the current price cap of £1,971 or reducing energy costs to families across the country.
The entering Conservative leader is also set to provide a £40 billion relief package for businesses, with many small business owners likely breathing a sigh of relief, after facing an approaching winter of skyrocketing energy prices.
The Pound regained ground after its 37-year low tumble on Monday before the Prime Minister’s appointment, reaching depths of 1.1443 in morning trading due to the joint strains of a weakening UK economic outlook and a strengthened dollar.
The Pound has been picking up speed over Tuesday, however, with the potential price cap freeze providing the first light among a gloomy horizon for the country.
