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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
It has been a turbulent start to February for the pound. The currency briefly spiked above $1.40 against the dollar as the Bank of England hinted at faster increases in interest rates (8 Feb). The pound then tumbled the following day to $1.377 as concerns over the UK’s Brexit strategy escalated.
Clashes between the main negotiators on both sides, the EU’s Michael Barnier and Brexit secretary David Davis, led Barnier to warn that a transition agreement is ‘not a given’.
This transition deal is craved by the business world as without it companies lack the clarity required to make long term decisions on spending.
Several business groups such as the CBI and TheCityUK have warned an agreement is needed within weeks to prevent an exodus of jobs, capital and investment.
The Bank of England was widely perceived to be hinting at a hike in rates in May but could be influenced by the outcome of the Brexit talks and spiralling levels of consumer debt.
A report from the Resolution Foundation identified UK household borrowings of £1.9tn. It says that while the majority will be able to handle rate increases, a minority of lower income borrowers could face ‘significant difficulty’. (TS)
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