The pound strengthening to its best level in a week against the euro yesterday before falling back somewhat overnight. Yet just as the sun finally peeked its head out from the Hammersmith gloom, things are beginning to heat up for sterling.
Tomorrow, residents in the traditionally Labour enclave of Gorton and Denton go to the polls in a vote that could define Sir Keir Starmer’s government. Labour is projected to lose the seat for the first time in its history, a result that would lead to all kinds of speculation about the prime minister’s future. The pound is highly likely to struggle should the likelihood of a leadership contest increase.
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In another sign that inflation might finally be coming under control, lower energy prices will slash UK household bills by an average of £117 from April, regulator Ofgem said.
The latest housing data also looks promising. While house prices increased at a tepid 1.3% annually, activity among both sellers and buyers has increased significantly, according to the latest house price index from Zoopla.
Stop us if you’ve heard this one before, but the main story this week has again been Donald Trump and his trade tariffs. The world has seemingly dodged the bullet of blanket 15% tariffs for the time being, but few expect this to be the last chapter in a winding, sometimes tedious story.
We certainly got an insight into the president’s mentality last night. During the annual State of the Union address to Congress, Trump cut a defiant figure, railing against the US Supreme Court’s decision and threatening retribution against his political adversaries.
