According to Jinshi, Mitsubishi UFJ Bank said that the pound may fall because the British government lacks fiscal space in the spring budget announced on Wednesday, which may lead to an early interest rate cut in the UK. Lee Hardman, a foreign exchange economist at the bank, said that due to the limited fiscal space for implementing tax cuts, the budget is unlikely to have a significant impact on the UK's economic performance in the coming year. He believes that this at least makes it more likely that the Bank of England will start cutting interest rates in June instead of waiting until August, which is a negative factor for the pound.