The pound is on an upward tick against the euro this morning, after investors moved away from the latter following a German court ruling on quantitative easing. Services and composite PMI came in yesterday extremely low, with services contracting at a record speed. Markit commented that the survey shows that the UK’s Q2 economic decline will be shown to be ‘far deeper and more widespread than anything seen in living memory’.
Rishi Sunak has warned that the current furloughing situation is ‘unsustainable’, saying that the scheme will ‘wind down’ – but without a ‘cliff edge’ drop-off when it finishes.
