This morning sterling is still weak against the euro but growing stronger against the dollar while Britain’s economy faces more gloom.
Today data was released on the RICS UK Residential Market Survey revealing more hardship is on the horizon for the housing market. The current net balance is 63% which is 2% lower than previous results but comes in at 2% higher than market expectations of 61%.
This follows the BoE’s biggest rate hike in nearly 30 years last week, plus Governor Andrew Bailey’s warning of a possible year long recession.
Yesterday, Tory leadership candidate Liz Truss issued a new press release statement in which she promised to do “all that she can” to “help struggling households”. Leadership rival Rishi Sunak however, accused Truss of “making a major U-turn” on what is the “biggest issue facing the country”.
Tomorrow data on UK GDP will be released – it is predicted to have shrunk by -1.3%
