Johnson's spokesman says ministers reminded they need to find 5% budget savings
So much for hopes of fiscal stimulus
Cable fell after Boris Johnson's spokesman told reporters that the Prime Minister today told cabinet to find 5% budget savings.
The resignation of Javid yesterday sparked hopes/speculation of looser fiscal policy and a big rally in the pound. Some of that is evaporating now in a quick move down to 1.3000 from 1.3030.
It's not clear if the budget scheduled for March 11 will be delivered on time.