India, July 3 -- The British pound strengthened against other major currencies in the European session on Thursday, after plans to reduce welfare expenditures were abandoned by the government.
The British Prime Minister Keir Starmer said that Chancellor of the Exchequer Rachel Reeves, who is viewed by markets as a strong supporter of fiscal regulations, will remain in her position.
After the government announced an increase in assistance programs, Keir decided not to support Reeves until after the next elections.
The recovery indicates that investors are putting some of their concerns about the Labour Party's capacity to fulfill its own expenditure commitments behind them. Following opposition from some of Labour's own MPs, Prime Ministe...