Seems pound sterling can at least stand at current level now.
But yes a chancellor telling the public taxes need to go up and spending down to pay for energy handouts etc is better than tax cuts and spending now with spending cuts later. Hopefully the markets will be steadied but we really don't know what 2023 will bring
Last edited by East_coast; 17-10-2022 at 07:37 PM.
Pretty sure the market had already discounted the moron risk premium out of the valuations when it became clear Truss was a dead woman walking. Rate trajectory coming down might even weigh on sterling a bit when this all shakes out.
PMQs on Wednesday will be one to set a reminder for.
Meanwhile today another large regional employer and trophy manufacturing asset has announced its factory will be decamping to China.
Govt is not playing the long game here.
Backing down on the tax cuts was a mistake, a shame the leadership and the backbench didn't have the guts to stand their ground.