By Greg Smith on Monday, March 20th, 2023
in Blog, Market InsightsGBP – Bank of England decision likely to be tight amid banking concerns The focus this week will be on interest rates in the US and the UK. Before the banking concerns, the markets expected the Bank of England (BoE) to raise rates. The decision on Thursday and may now be a close call, given […]
By Greg Smith on Monday, March 13th, 2023
in Blog, Market InsightsGBP – Budget to provide support to the UK economy The big news expected this week is Chancellor Jeremy Hunt’s first Budget on Wednesday. Government borrowing is expected to be lower due to a stronger tax take and lower wholesale energy prices. If this is the case and borrowing is around £30bn lower than predicted, […]
By Greg Smith on Monday, November 21st, 2022
in Blog, Market InsightsGBP – Autumn Statement as expected, inflation peaks at 11.1% The Autumn Statement was delivered by Chancellor Jeremy Hunt last week. In the end, there were no major surprises as so much had been briefed to the markets. There were measures to increase taxes and cut spending in order to meet fiscal rules and restore […]
By Greg Smith on Monday, November 14th, 2022
in Blog, Market InsightsGBP – Autumn Statement to outline spending cuts and tax rises The main event this week is the Chancellor’s Autumn Statement on Thursday. The fiscal update will come alongside the latest forecasts from the Office for Budget Responsibility. The Bank of England’s latest forecasts were a couple of weeks ago, so any differences will be […]
By Greg Smith on Monday, November 7th, 2022
in Blog, Market InsightsGBP – BoE hike 0.75%, GDP to signal the start of a recession As expected the Bank of England raised interest rates last week. The BoE hike of 0.75% was higher than some expected, and several of the members voted for smaller rate hikes. Overall, the BoE was more ‘dovish’ than markets expected with a […]
By Greg Smith on Monday, October 31st, 2022
in Blog, Market InsightsGBP – Rishi Sunak new PM, fiscal policy delayed Last week, we had confirmation of Rishi Sunak as the new Prime Minister. The market has responded positively to the abrupt turnaround in fiscal policy announced by the new Chancellor of the Exchequer Jeremy Hunt. There was no real market concern with the delay of the […]
By Greg Smith on Monday, October 24th, 2022
in Blog, Market InsightsGBP – New Prime Minister and Fiscal plan awaited Political turbulence continues to be the main driver of the markets in the UK. Last week, we saw the reversal of the mini-budget measures by Chancellor Jeremy Hunt lower gilt yields and support the pound. Following continued chaos in the government, Liz Truss resigned, and the […]
By Greg Smith on Monday, October 17th, 2022
in Blog, Market InsightsGBP – Government and BoE try to calm markets The focus in the UK remains on the ongoing chaos with the government and their failed mini-budget. Chancellor Kwasi Kwarteng was sacked and some of the mini-budget measures have already been reversed. The new Chancellor, Jeremy Hunt will provide a review of the measures and the […]
By Greg Smith on Monday, October 10th, 2022
in Blog, Market InsightsGBP – Parliament returns whilst volatility continues Parliament returns from the conference recess tomorrow, with the spotlight on Prime Minister Truss’s government. The government decided against the abolition of the 45p tax rate, which was damaging in terms of credibility. The Chancellor’s fiscal plan, with OBR forecasts, will now be published at the end of […]
By Greg Smith on Monday, October 3rd, 2022
in Blog, Market InsightsGBP – Extraordinary BoE action boosts sterling, Conservative conference Last week, we saw sterling fall to a record low of $1.04 against the US dollar on concerns over the Chancellor’s growth plan. Then came the extraordinary BoE action, with emergency measures amid the turmoil in markets. The BoE delayed its planned active gilt sales and […]
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