UK’s Sunak: 'Hugely optimistic' about G7 agreement

UK Finance Minister Rishi Sunak crossed wires, via Reuters, ahead of the Group of Seven (G7) finance ministers’ meeting in London, scheduled for Friday and Saturday.

“I'm determined we work together and unite to tackle the world's most pressing economic challenges - and I'm hugely optimistic that we will deliver some concrete outcomes this weekend,” said British Chancellor Sunak.

Among the many issues, the US proposal for a tax hike, recently by 15%, gains major attention as the European Union (EU) and the UK propose that increased tax revenue is paid where the businesses operate, not just where they declare profits, per Reuters.

It’s worth noting that the meeting will be the first face-to-face since the pandemic when finance ministers from the United States, Japan, Germany, Britain, France, Italy and Canada will meet, said the report.

Market implications…

Given the market’s attention on the US NFP, the news gains little response. Though, any agreement over the tax hike will be the key to watch, not only for GBP/USD but also for the equities.