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Earlier today, it was announced that the energy price, which puts a ceiling on domestic bills is likely to hit £2800 an increase of more than £800.
To combat the rise, UK Chancellor Sunak is looking to announce a minibudget as early as Thursday to help struggling households with their energy bills.
However, the prime minister Boris Johnson and Sunak have yet to agree on key issues including an energy windfall tax that could fall on North Sea oil and gas producers and electricity generators - including windfarm operators - which have benefited from soaring global prices in recent months.
The funds from the windfall tax would be used to fund a direct energy bill rebate that could total up to £10 billion.
Boris Johnson is reportedly favoring steps that would benefit middle earners via a VAT cut or by bringing forward a 1% income tax that Sunak promised for 2024.
If an agreement cannot be decided by Thursday then it would have to wait until early June.
The news today, along with weaker PMI numbers send yields lower and the GBPUSD lower as well. The price moved down to test the rising 100 hour MA where dip buyers stalled the fall. The price of the GBPUSD has rebounded in the US session but saw a rebound above a swing area between 1.2500 and 1.2524. The price currently trades at 1.25348.
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