The pound was volatile against the euro and the dollar yesterday as investors fled to safe-haven currencies, such as the greenback. However, sterling is stronger against the dollar this morning.
Sterling has also been hit by concerns that Britain’s approach to dealing with the virus is inadequate. It could be said the that UK has seen a more staggered disruption to economic and everyday life than other countries. However, yesterday the government released a set of new rules which state that the public should only leave the house to buy food, to exercise once a day and to travel to and from work where “absolutely necessary.”
MPs passed an emergency coronavirus bill, which passed through the House of Commons this evening. The 87 clauses that make up the bill give the government wide-ranging powers, unlike any other recent legislation. Health Secretary Matt Hancock stressed that the powers would only be used “when strictly necessary.”
