The Great Britain pound dropped today ahead of the announcement this week about the detail of the spending cuts to decrease the nation’s significant budget deficit.

George Osborne, the Chancellor of the Exchequer, should announce his plans for the spending cuts on Wednesday. He hopes that the budget deficit would be nearly eliminated by the planned measures. Yet the economists aren’t convinced that the planned cuts would be able to reduce the deficit fast enough.

GBP/USD dropped from 1.5980 to 1.5886 as of 10:41 GMT today, following the drop to 1.5837. GBP/JPY went down from 130.13 to 129.01, following the decline to 128.69.

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