I’m sure you’ve all seen the news, the government have had to rely on the Bank of Mum & Dad (Bank of England) to get them out of this rut. Desperate times following the budget, as alluded to earlier in the week whilst the budget looked really good on paper, how on earth were they going to finance all the cuts and caps? Hence the negative GBP shift. As a result a selection of the UK pension industry were said to have been facing significant difficulty following a surge in UK bond yields, with many said to be facing liquidation. Thus following the intervention we have seen some stability in GBP, but by no means are we out of the woods. GBPUSD and GBPEUR still at record lows.
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