Good morning,
The pound has picked itself up off the mat yesterday and was the best performing major currency throughout the trading day. After taking some heavy blows recently, seeing a sell off in line with global equities, the trend was reversed to make some positive headwind.
An interesting Twitter thread by Joe Barnes, Brussels Correspondent for The Express, highlighted that there is now a greater sense of “cautious optimism” between the two sides that a deal can be reached heading into the ninth round of negotiations in Brussels. One of the biggest clashing points of the two sides for fisheries and access to UK waters post Brexit date is due to land with an agreement “eventually”. The obvious constraint now put onto the UK and the EU teams is time, turning the negotiations into a legal document is not a quick process and time is ticking as we draw closer to the deadline set by the UK.
Data released by the UK this morning shows that public sector borrowing topped £35bn for August, whilst the economy is still battling the Covid pandemic. With the furlough scheme coming to an end, Chancellor Rishi Sunak yesterday announced his new plan to support jobs, in an attempt to avoid mass unemployment. The new scheme, starting in November, will see employees in “viable” jobs benefit from a wage top up and bring pay in line to three quarters of the salary. However, he did say that the UK Government “can’t save every job”.
Have a great weekend.
Author: Jack Nicholls, Relationship Manager
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References:
https://twitter.com/Barnes_Joe?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor