This morning, the pound lost 0.4% against the euro following the news that UK inflation fell to 1.7% in September, the lowest since April 2021.
Compared to forecasts of 1.9%, this inflation decline is welcomed by economists as it is now below the Bank of England’s 2% target.
Against the US dollar, the pound fell sharply this morning to a low not seen since mid-August. Should you have any upcoming transactions, speak to your account manager on 020 7898 0541 to fix your rate with a forward contract to protect your funds from further uncertainty.
The chancellor has identified a £40 bn funding gap ahead of Rachel Reeves’s budget in two weeks, far more than anticipated.
The figure represents the funding the chancellor needs to protect key governmental departments from impactful spending cuts and cover a whopping £22 bn overspend.
In reaction to this news, affluent foreigners are urging Reeves to replace the regime with a new system modelled on Italy’s flat-tax regime for new residents.
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