Pound falls with the UK floating a capital gains hike ...Middle East

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Pound falls with the UK floating a capital gains hike
The pound is down a third of a cent today as the US dollar broadly strengthens following a hotter CPI report. The pair is trading at 1.3038.The pound is also slightly underperforming the euro and part of that might be a new report in The Guardian that says the new government is considering raising the capital gains tax as high as 39%.The nation is facing a hole in its budget and trying to sort it out and considering capital gains taxes in the range of 33-39%, with hikes in inheritance tax also on the table. Current rates are 24%-28% and the tax brings in about GBP15 billion annually. The models show only a modest improvement at higher rates because of potential off-shoring and evasion.

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