It’s going to be a big day for sterling today, so if you have a significant trade coming up over the next year, do get in touch with your trader early on 020 8108 5337.
Sterling has recovered around 1-1.5% over the past week and a half against the euro and nearly 3% against the US dollar. That, however, is mainly due to positive news on a potential trade agreement between the UK and EU. Which leaves everything to play for in the mini-Budget from the Chancellor Rishi Sunak today.
He will speak today at around 12.30, immediately after Prime Minister’s Questions, and is expected to announce a package of measures intended to stimulate the economy.
Much of this is likely to be targeted at improving the currently dire job prospects of young people, who are likely to be disproportionately affected by the recession and job losses when the current furlough scheme tapers from next month.
Other measures could include a VAT reduction and a Stamp Duty holiday for six months to stimulate the housing market.
For many of our readers these three positive elements – stronger pound, Brexit deal and more UK houses being sold – may have great resonance. We know that many British people would love to move abroad before the transition period ends in six months but are being prevented from doing so because they can’t sell their British house. You can see where I’m going with this…
The head of the CBI was talking on the radio this morning about “the fierce urgency of now” in tackling the likely effects of the pandemic and lockdown. It could equally apply to those making a move abroad. There really has never been a more urgent reason to get your ducks in a row over the next three months so you have enough time to get residency in France, Spain or any of the other EU countries.
So do call us today on 020 8108 5337 to lock in today’s much-improved rate with a forward contract for the year ahead.
I am delighted to say that we have returned several staff from furlough over the past few days and we’re all ready to help you.
