Gbp/usd - 1.5584 ... Former Bank of England policymaker David Blanchflower said U.K. government should 'scrap the austerity budget and start cutting taxes' to put the U.K. back on a stable economic footing. He has urged the Coalition to abandon its spending cuts n offer workers a tax holiday to stimulate spending n fuel growth. He has called for a reduction in employees' National Income contributions (NICs) from 11% to 5% for two years and across all income groups 'immediately'. The British pound moved sideways in Asian morning n traded inside 1.5564-1.5594 narrow range after y'day's brief rise fm 1.5510 to 1.5672. Some bids are located at 1.5555/60 whilst offers are tipped at 1.5600/10.