Sterling rises on UK Chancellor's announcement

The British pound rose Wednesday, after the British Treasury Secretary Rishi Sunak announced a package of public spending to help the economy recover from coronavirus impact.

Sunak announced in his Summer budget Statement to pay employers £1,000 ($1,200) for every employee they keep after the end of October.

The Chancellor of the Treasury also revealed a package of government stimulus proposed by the Treasury to support the British economy from further impacts of coronavirus, and to cut VAT from 25% to 5%.

Analysts interpreted these moves as the British government's commitment to support the economy and the currency, in addition to the British families and staff members amid the crisis.

As of 20:11 GMT, GBP/USD rose 0.5% to 1.2613, after hitting a high of 1.2624 and a low of 1.2508.