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GBPUSD: Daily Analysis & Setup update

The UK’s annual budget passed this week with barely a ripple in either markets or opinion polls. Chancellor Jeremy Hunt was hemmed in on all sides and reshuffled some spending and tax rates, but everyone knew that he didn’t have room to dash for growth even if he wanted to. For the future, however, there was at least one idea that could make a big difference.

Hunt is opening consultations on a “UK ISA” (an ISA or Individual Savings Account is broadly the British equivalent of the US Individual Retirement Account; for obvious reasons, IRA would not have been a popular set of initials in Britain). Britons can already place £20,000 in an ISA each year, an amount rarely taken up in full. The proposal would add another £5,000 yearly for a separate ISA that could only invest in UK companies. The idea is to use the tax system to boost investing in British stocks without forcing people to sell existing investments.

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