UK’s Sunak: Need to focus on driving strong economic recovery

“We need to focus on driving a strong economic recovery,” the UK Finance Minister Rishi Sunak said following the release of the country’s public sector finances data.

 “Government is continuing comprehensive package of support,” he added.

“British public borrowing totaled 31.696 billion pounds ($44.93 billion) in April, the first month of the new financial year, down from 47.315 billion pounds a year earlier when the public finances first felt the full impact of the COVID pandemic,” Reuters reports, citing the official figures on Tuesday.

Market reaction

GBP/USD is closing in on the 1.4200 mark, adding 0.26% on the day, as the US dollar continues to lose ground on the session amid weaker Treasury yields.