The British government has recently published a report on borrowings in May. The borrowing volume was cut considerably last month due to multiple austerity steps.
Some payments within the framework of tax agreements between Switzerland and the UK contributed to the borrowing cuts as well. Swiss banks paid some 3,2bn euro.
Without such a tax income, the UK government’s borrowings would reach 15.9bn euro, thereby increasing the figures seen in May 2012.
Forex
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of GBPUSD. The British Pound is recovering after the recent decline. Still, the downtrend isn’t over yet.
A further downswing below 1.5343 will give way to 1.5385/83, 1.5247. The downtrend will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above the 1.5343 high (as shown below).
