UK PM Johnson spokesman: Sunak reminded cabinet they need to find 5% budget savings

Newly appointed Chancellor of the Exchequer, Rishi Sunak, has reminded cabinet minister that they need to find 5% budget savings, British Prime Minister Boris Johnson's spokesman told reporters on Friday, pre Reuters.

"We will continue to have a clear fiscal framework, that gets confirmed at the budget," the spokesman added. "Preparatory work continues at pace."

GBP/USD reaction

The British pound largely ignored these comments and the GBP/USD pair was last seen trading at 1.3020, down 0.2% on a daily basis.