Chancellor delivers the Spring Statement

It’s been another week of not particularly positive news this week. 

The war in Ukraine continues to dominate the headlines. Yesterday marked the bleak milestone of the war passing into its second month.

It was a big week in the UK which saw the Chancellor deliver his spring statement. 

The speech saw him simultaneously take with one hand and give back with the other, leaving many unsure of what the actual financial implications will be. 

It was all marred by the recently released inflation figures, showing it now being at the highest level in 30 years, hitting 6.2%. 

It is now expected that within the next few months inflation will hit 8%.

Against the Dollar, Sterling has stayed pretty much flat with very little movement. It is the same picture in Sterling-Euro and Euro-Dollar.

In the US there was some good news, recently released figures showed that unemployment was down to its lowest rate since 1969!

In some positive news, a brand new species of frogs have been discovered in Ecuador whose skin is 100% transparent!

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Sterling rises, yet big economic questions still loom large.

Sterling rises, yet big economic questions still loom large.

Once again it’s been a bumpy week for the UK economy. Whilst an imminent economic crisis has been averted following a raft of government u-turns on economic policy, UK PLC still faces a perilous road ahead. The week was dominated by news coming out of the Conservative Party Conference which…

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Sonny Hellmers

Senior currency specialist