Good morning,
The pound struggled on Friday and at open this morning as Brexit workforce concerns weighed on the currency. Headlines were dominated about panic-buying petrol as 50-90% of stations are running dry in some areas due to the lack of truck drivers, many of whom are EU nationals. Boris Johnson suspended rules relating to hiring foreign workers, and is now contemplating sending the army to help as well as suspending competition rules. These issues are raising concerns about our post-Brexit workforce and are putting pressure on the pound.
Problems with petrol have outweighed the positive sentiment ignited by the Bank of England’s hawkish decision on Thursday. The “Old Lady” hinted that interest rates could rise even before the BoE completes its bond-buying scheme. Two members voted to cut short debt purchases already now after consumer prices rose more than estimates after annual inflation hit 3.2% in August.
Have a great day.
William Jones, Senior Relationship Manager.
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