UK OBR: Average earnings have fallen less sharply than assumed

Average earnings in the UK have fallen less sharply than assumed but the claimant count has climbed very sharply, the UK's Office for Budget Responsibility (OBR) said on Friday.

"The GDP and tax receipts have fallen slightly less sharply than we assumed," the OBR added and announced that it will update its coronavirus scenario on July 14th to reflect the smaller peak-to-trough fall in GDP. "The OBR will publish three scenarios for public finances on July 14th, showing different degrees of scarring."

Market reaction

The GBP/USD pair largely ignored this report and was last seen losing 0.4% on the day at 1.2372.