After surging yesterday afternoon, the pound is still strong against the euro and the dollar this morning.
UK inflation figures for February were released earlier today, coming in above expectations and soaring to a 30 year high. Rising energy costs, fuel and food prices have driven the uplift.
This news comes just hours before Chancellor Rishi Sunak makes his Spring Statement. Whilst this isn’t expected to be a full package of measures, he is expected to promise a “stronger, more secure economy” and address the cost-of-living crisis. Sunak will take to the dispatch box at 12:30pm.
President Biden is set to travel to Brussels later today, where he will meet with European leaders to discuss increasing Russian sanctions. He is also expected to put pressure on leaders to reduce their reliance on Russian oil.
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