Category Archives: News

UK’s Sunak Announces Increase in Funding for Public Services   

  On Wednesday, British finance minister Rishi Sunak will release his spending plan and says that there is no returning to austerity despite the damage that the coronavirus inflicts in the British economy.  He said he would announce “quite a significant” increase in funding for public services.  “You will not see austerity next week,” Sunak

Brexit Talks Suspended After a Member of EU Tested Positive for COVID 

On Thursday, Brexit negotiators suspended direct talks after a member was positive on a test for COVID-19. However, officials are still working remotely to reach a UK-EU deal which is due in 6 weeks.  Talks could still continue and a “comprehensive” deal be agreed in time before UK’s transition on December 31, 2020 says Finland’s European

Bank of England’s Ramsden Sees Vaccine News as Positive for the Economy 

On Tuesday, Bank of England’s Governor Dave Ramsden said that the positive news on the COVID-19 vaccine may help boost the economy and reduce the risks facing Britain’s economy.  Over the last two weeks, announcements that two vaccines were effective in the last trials have raised hopes for economies affected by the COVID-19 pandemic and

Sterling Gains in Brexit Hopes and Vaccine Talks 

On Wednesday, PM Boris Johnson’s part of the Internal Market Bill and plans for a “revised” Brexit trade deal was struck down by the House of Lords.  Although Johnson says he plans to pursue the clauses that were struck down, the sterling surged higher as there is now a better hope for a Brexit-deal.  The

Brexit Negotiators are Urged to See UK Independency 

  On Sunday, UK Prime Minister Boris Johnson said that a trade deal with the European Union was “there to be done”.  The Brexit negotiators have been urged to see the UK as an “independent state” which support Johnson’s upbeat stance.  “I think it’s there to be done, the broad outlines are pretty clear.” Mr.

UK Construction PMI Plunges to Five-Month Lows 

  In October, Britain’s construction lost momentum but suffered least  in compared to the other economy’s that are hit by the coronavirus pandemic.  The IHS Markit/CIPS Purchasing Manager’s Index for the construction sector dropped to 53.1 in October from September’s 56.8, a bigger drop than the decline to 55.0.  However, unlike figures released on Wednesday

UK and EU Still on a Stalemate on Trade Deal 

  The European Union and Britain have failed to bridge the gaps in securing their trade deals and reaching an agreement on persistent sticking points is still way off.  Talks have been intensified for two weeks as UK and EU is trying to strike a deal to protect nearly a trillion dollars of trade from severe disruption,

U.K.’s One-Month Lock Down Pushes Sterling Lower

The newly imposed lockdown by Prime Minister Boris Johnson in U.K. is starting to weigh on the sterling amidst Brexit optimism. The upbeat news in favor of the Brexit seems to be disregarded and the sterling fell due to the sentiment of the lockdowns in United Kingdom. The sterling may also be edging lower due

Sterling Fell Against the Dollar Due to Possible National Lockdowns 

The Sterling fell against the safe-haven dollar amidst the return of national lockdowns in Europe.   Versus the Euro, the pound was up 0.18% at 90.33.  The ECB kept its policy unchanged, resisting pressure to introduce fresh stimulus amid a surge of coronavirus cases across Europe, but hinted at providing more support in December.  While the

Pound Outlook Turned Positive But Further Gains may Depend on Brexit 

Ahead of the U.S. Presidential Elections, the sterling picked up gains. The question is, will it maintain its gains even after the presidential elections?  Traders are no longer bearish in the U.K. currency for over a week now, opening the way for an advance before the Nov. 3 U.S. Presidential Elections. Behind the shift in