GBP/INR is surging in early trading on Monday on Brexit optimism. Currently, one British pound buys 92.918 rupees, up 0.51% as of 6:19 AM UTC. Thus, the pair updated the highest level since March of this year. The rally started on November 8 after an extended sideways trend, with the pair gaining over 2% since then.

The bullish trend turned steeper after a survey carried out by Survation and published by Good Morning Britain showed that the UK’s Conservative Party, led by Prime Minister Boris Johnson, would win 42% against the opposition Labour Party’s 28% during the early election scheduled for December 12.

The PM called for an early election in the hope to consolidate the position of Conservatives so that he could win the MPs vote for his agreement with European leaders. Today, speaking at the Confederation of British Industry, Johnson is expected to say that he would end the current uncertainty if elected.

Besides, the PM is about to announce a series of tax cuts for British businesses, as the CBI’s director general Carolyn Fairbairn is worried that Johnson’s stance on immigration could lead to a skills shortage. Johnson will pledge tax relief for the construction and research businesses. He also plans tax relief for small employers by increasing the allowance for their national insurance bills to 4,000 pounds from the current level of 3,000 pounds.

According to advance excerpts, the PM will tell CBI: “Let’s not beat around the bush, big business didn’t want Brexit. You made that clear in 2016 and this body said it louder than any other. But what is also clear is that what you want now — and have wanted for some time — is certainty.”

Earlier this month, Fairbairn expressed her concerns about Johnson’s intention to reduce the coming of migrants to the UK. She told the media:

“When we hear talk about brightest and best, I think that is a worry. If you do want to build 200,000 houses a year, you don’t just need the architects and the designers, you need the carpenters, you need the electricians, you need the labourers. We need people to come and help us renew our economy.”
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