The pound has been climbing steadily since last week when the Bank of England’s split decision (1 to 8) on raising interest rates sent the markets into a tail spin.
Against the US dollar things have been a little more patchy, ultimately ending in sterling declining by around 0.2% from where it started the working week.
With the war in Ukraine approaching its fifth week, a lack of progress in either military victory for Russia, peace talks or further damaging sanctions is allowing other factors to drive exchange rates. That may include the Spring Budget tomorrow. The Chancellor will have noted Public Sector Borrowing this morning reaching £13.1bn for February, far worse than expectations.
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