By Greg Smith on Monday, December 5th, 2022
in Blog, Market InsightsGBP – Inflation data suggests further consumer pain The British Retail Consortium data last week showed a further acceleration in general shopping and food price inflation. There was also data from the Bank of England showing a continued slowdown in mortgage activity and consumer borrowing. All of this activity has fed into recent surveys showing […]
By Greg Smith on Monday, November 28th, 2022
in Blog, Market InsightsGBP – Markets calmer with slowing in monetary policy hikes expected The volatility has reduced somewhat over the last few weeks, with the markets calmer with the government and budget. The markets are expecting an earlier easing in the pace of monetary policy tightening. This has seen 10-year gilt yields fall below 3% for the […]
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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