The pound to dollar exchange rate fell to a new seven-month low at 1.3094 after Reeves’ speech this morning. £1 now buys you $1.3094, down from $1.337 last week. A miserable-looking Reeves preempted a fresh budget tax raid, rolling the pitch to break manifesto promises to not raise Income Tax, National Insurance and VAT. Taxing times for ‘working people’…
The pound to euro exchange rate dropped to 1.1372 – 0.26% lower on the day, and is also down 0.7% against the yen. The FTSE 100 is also down 1%, wiping £22 billion off the FTSE market cap. Will Reeves blame this on Brexit too?
Robert Jenrick told a rally on Monday:
“They say Chancellors are either undertakers or bookies. This one is an ostrich – and when the Chancellor buries his head in the sand, the rest of us, we’re left staring at his you know what.”