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 […]
By Greg Smith on Monday, September 26th, 2022
in Blog, Market InsightsGBP – Sterling tanks following government mini-budget The mini-budget from Chancellor Kwarteng on Friday announced significant stimulus measures. The focus was on tax cuts set out during the leadership election. The planned increase in corporate taxes was cancelled. The standard rate of income tax will be reduced to 19p and the top tax rate will […]
By Greg Smith on Tuesday, September 20th, 2022
in Blog, Market InsightsGBP – Bank of England and mini-budget follow the funeral of Queen Elizabeth II With a shorter week for the UK, following a period of morning and the Queen’s funeral, the Bank of England will now go ahead with their September meeting. The markets expect a second 0.5% rate hike. There is likely to be […]
By Greg Smith on Monday, September 12th, 2022
in Blog, Market InsightsGBP – UK enters national mourning following the death of Queen Elizabeth II Queen Elizabeth II, Britain’s longest-reigning monarch, died peacefully at her estate in Balmoral, Scotland on Thursday. A period of National Mourning has started, with a huge outpouring of grief and remembrance of the incredible amount that Queen Elizabeth gave to the UK […]
By Greg Smith on Monday, September 5th, 2022
in Blog, Market InsightsGBP – Liz Truss to be announced as New PM It is widely expected that Liz Truss will be announced as the new leader of the Conservative Party at lunchtime. The new Prime Minister will be formally installed tomorrow. There are hopes and expectations that further significant support for rising energy costs will be provided […]
By Greg Smith on Monday, August 22nd, 2022
in Blog, Market InsightsGBP – UK Inflation above 10% and going higher The latest inflation reading last week was a reminder that price pressures are the key economic issue. Inflation rose by more than expected, with UK Inflation above 10% for the first time in 40 years. We are likely to see an even larger rise in October […]
By Greg Smith on Monday, August 8th, 2022
in Blog, Market InsightsGBP – BoE hike 50bps, but downbeat on the economy The Bank of England’s Monetary Policy Committee was downbeat about economic conditions, as they raised rates by 50bps. The BoE suggested that the UK economy is likely to enter a recession later this year which they think could last for over a year. Policymakers expect […]
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