Sterling moved higher against the euro and US dollar yesterday, reaching a 10-day or so high against the euro and month-long high against the dollar. To fix this rate, call your account manager on 020 7898 0541.
It all came ahead of today’s red-letter day in the economic calendar, with the Chancellor of the Exchequer Jeremy Hunt making his Budget at midday today.
After the debacle of four chancellors in 2022 alone, with Budgets that had disastrous effects on the pound, it might come as a surprise to younger people that in the past we used to have chancellors who stuck around.
Gordon Brown held the job for ten years, and was chancellor when Smart Currency began 20 years ago. His managing of the economy came to be typified by one word: prudence. Not everything he did was prudent, by any means (don’t mention the gold…), but it’s a good word to be associated with, defined as sagacity or shrewdness in the management of affairs; skill and good judgment in the use of resources.
When it comes to currency and large transactions overseas, or the husbanding of resources such as a pension being paid abroad over a long period of time, it would be prudent not to rely on the pound staying at this level for much longer. It might, but it might not.
Falls of up to 10% in the value of a currency, especially sterling, happen with surprising frequency, as we have discovered in our 20 years of helping clients. Having seen clients who did not protect their own budgets having their dreams shattered, I would not wish it on anyone.
So please do bear this in mind and call your account manager on 020 7898 0541.
