The week ends with no breakthrough in negotiations to avert December and January’s rail strikes, a crippling blow for the UK’s retail, entertainment, hospitality and many other industries this Christmas. There are estimates that more than a million working days will be lost due to industrial strike action in December.
Its another quiet day for data releases across the board. Next week sterling, the euro and the US dollar will all be alert for interest rate decisions across all three of our major currency zones.
The UK government is set to announce the biggest overhaul of financial regulation for more than 30 years in a move dubbed Big Bang 2.0. Various incentive include lifting EU rules, such as the cap on bankers’ bonuses, in an attempt to ensure that London remains Europe’s top financial centre.
Labour leader Sir Keir Starmer has promised that as prime minister he would not carry out a tax raid on the banks. During Labour’s business conference in Canary Wharf yesterday Starmer said he would “not slap a windfall tax on City financial services firms or hike the banking surcharge”.
Next year the US will print and circulate its first ever currency with two women’s signatures on it, Treasury Secretary Janet Yellen and Treasurer Lynn Malerba.
Janet Yellen said: “We’ve made progress in providing greater economic opportunity for women at Treasury and in the economics profession. But we know that much more needs to be done.”
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