Good morning,
This morning the pound has hit new highs against the euro, registering 6 consecutive days above the 1.18 mark. Seemingly with no clear trigger, prices rose to 1.1887 at the open of the European trading day. With little on the data calendar today, prices will be dictated by trading activity and any breaking headlines.
Tomorrow will see Chancellor Rishi Sunak deliver the budget to MPs in the House of Commons around lunch time in the UK. This particular budget has been brought into question by a speaker of the Commons, for being leaked to the press in the days leading up to tomorrow, before being delivered to MPs in the house. The budget however is expected to deliver an array of measures designed to help support both the population on an individual level as well as businesses, as the UK still recovers from the economic fallout of the Covid pandemic. The highlights expected to be proposed is for an increase in minimum wage and the recent promise of “levelling up” the whole of Britain to bring even spread investment in all regions.
It is also being reported the Government are targeting all departments to find “at least 5% of savings and efficiencies from their day-to-day budgets”. Opposition parties will undoubtedly fire right back at Chancellor after the announcement in the House, how to pound reacts waits to be seen.
Have a great day.
Author: Jack Nicholls, Senior Relationship Manager.
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