![]() I don’t think that anyone would have foreseen those interest rate levels a year ago. A final round of central bank activity in December sees rates finish the year at 3.5% in the UK, 4.5% in the US and 2.5% in the EU. The UK government this week introduced proposed legislation that it couldn't say for certain complies with international law, its latest attempt to put a stop to migrant boats crossing the English. The US dollar roared throughout the year and remains the preferred flight to safety venue in the investment world, and the single currency has finally found its mojo after flip-flopping itself throughout the year, driven by energy supply issues and costs. Sterling lost 20% of its value throughout the year, before clawing back 13 to 15% of the shift. September is a tumultuous month for so many differing reasons, surely things would have to change in October.ĭecember – So, here we are at the end of a year that has seen war in Europe, rising inflation and interest rates, three UK prime ministers, two monarchs, a cost-of-living crisis and one of the worst fiscal decisions ever undertaken in politics. Lenders are forced to withdraw their fixed rate lending products as the five year swap price rockets, and the prevailing rate heads towards 7% before the very timely intervention by the BoE. The BoE has only just raised interest rates by another 50 basis points to 2.25% and markets are already pricing in as much as 200 basis points of expected tightening at its next meeting in early November. Politics is often as simple as: People like being on one side of a rivalry and love it when they get one over their. Toxic air results in more than 400,000 early deaths. France and the UK have long been neighbors who love to hate one another. The BoE is also forced to intervene as pension funds are in danger of collapsing. The nations - the UK, France, Germany, Hungary, Italy and Romania - had been given a final warning by the European commission in January. The GBP quite simply crashes to a record low against the USD at 1.0697 and 0.90 against EUR. OH KWASI, WHAT HAVE YOU DONE?!!! To say that this is not received well is a massive understatement. And on 23 September, Kwarteng sets out their ‘plan for growth’ during the mini-budget, which includes £45 billion of tax cuts but, critically, no forecast from the Office for Budget Responsibility of how these cuts would be funded. Following her funeral, affairs of the state begin to return to normal and Liz Truss appoints Kwasi Kwarteng as her chancellor. Sadly, her first duty is to oversee the UK’s first state funeral in a generation as the Queen sadly passes away on 8 September and is succeeded by her son, now King Charles III. ![]() ![]() September – And it’s Liz Truss! She beats Rishi Sunak by a much smaller margin than anticipated, but she becomes the UK’s second prime minister of the year, but not the last. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |