Pound to Weaken as UK Risks Overtaxing Economy, Says Stephen Jen

The pound is likely to slump as the UK approaches a tipping point where tax hikes no longer bring in extra money for the government, according to hedge fund manager Stephen Jen.

The chief executive of London-based Eurizon SLJ Capital expects sterling to depreciate against peers including the euro, yen and Swiss franc. That’s because he sees rising taxes deterring wealthy individuals and corporations from doing business in the UK.