Jonathan Cook
on November 24th, 2025 For the near term, at least, it’s hard to think of many scenarios that would see the pound strengthen. The chancellor’s watered-down package of fiscal consolidation has already been greeted poorly by the bond market. Aside from another U-turn on tax, it’s hard to see the pound faring much better, although stranger things have happened in these markets.
GBP/USD: the past year
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