British pound jumps on reports UK government may reverse parts of its tax-cutting proposals

LONDON — Sterling jumped against the U.S. dollar connected Thursday pursuing multiple reports that the British authorities is successful talks to scrap parts of its unfunded bundle of taxation cuts.

The British lb traded 1.5% higher astatine $1.1269 during day deals successful London.

Sterling turned affirmative for the league successful mid-morning trade, earlier extending gains connected reports Prime Minister Liz Truss could beryllium poised to marque changes to the government's fiscal program announced past month.

The U.K. Treasury was not instantly disposable to remark erstwhile contacted by CNBC.