Cable is relatively steady, presently at 1.5720 having closed out Friday in North America around 1.5670. There have been weekend reports that the government is preparing a series of tax cuts and benefits to help middle-income families and small businesses, to be announced in the Chancellor’s pre-budget report within the next two weeks. The Treasury and NO 10 have however moved to play down suggestions that the value of the tax cuts could reach £15 bln. Prime Minister Gordon Brown is to give his annual Mansion House speech tonight and will urge global leaders to adopt a progressive approach to the global downturn and call for greater coordination of fiscal and monetary policy.