The pound weakened yesterday on worse-than-expected inflation data. Falling below target for the first time in 5 months, the figure came in at 1.7%, missing the prediction of 1.9%. It was pushed lower by computer game and clothing prices rising less than the previous year.
After two days of consideration, the Supreme Court could reach a verdict on the prorogation case today. Representing the government, Sir James Eadie argued that this was not a matter for the courts, saying that “constitutional protections are provided in the political arena. That’s where you find the appropriate form of control, not the courts.” One of the Judges, Lord Wilson, questioned why no witness statement had been provided by a minister to explain why the decision to prorogue Parliament had been taken.
The Bank of England will meet today to announce their decision on interest rates. No action is expected, but any dovish commentary could have a bearing on sterling.
Finland’s Prime Minister, Antti Rinne has said that he and Emmanuel Macron have agreed that the UK should be given 12 days to propose plans for a deal. He said, “If no proposals are received by the end of September, then it’s over.” However, a source at Downing Street has said that they “will continue negotiating and will put forward proposals at the appropriate time.”
