Home » Currency Note » Currency Note » BoE rejects blame for the collapse of Truss’s government

The UK government and French-owned energy suppliers, EDF, are set to take a 50-50 equity split for the Sizewell C nuclear plant in Suffolk. The UK government will pay £100m to buy the Chinese-owned company out of their shares. This follows the chancellor’s recent plan to invest £700m into the plant which he confirmed in this month’s Autumn Statement.

Meanwhile, Bank of England Governor Andrew Bailey said yesterday that the BoE was not to blame for the fall of Liz Truss’s government in October. He told a parliamentary committee the Bank “did not bring the government down” and that it “did a limited operation for financial stability purposes.” He also added that the Bank “did exactly the right thing and ended it promptly”.

The latest mortgage approvals data revealed that approvals for house purchases in the UK dropped sharply to 59,000 in October, down from a revised 66,000 in the previous month. This was the lowest level of approvals markets have seen since the aftermath of the COVID-19 outbreak in June 2020. It is also amidst a backdrop of rising borrowing costs and a looming economic recession.

Yesterday, Germany’s inflation rate came in marginally lower than markets anticipated and this morning we’ll see if the eurozone inflation rate follows suit. The data is scheduled to be released at 10am.

US markets can expect several key data releases today, one of which will be America’s GDP for Q3.

Make sure any upcoming transactions are protected against the risks of sudden market movements. Secure a fixed exchange rate now with a forward contract; call your Personal Trader on  020 7898 0541 to get started.

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