More doom and gloom for the UK/£ this week..
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| Rumours overnight that some Labour MP's are plotting to remove Prime Minister Starmer have seen the Pound weaken.
A supposed leadership challenge by Health Secretary Wes Streeting is incoming after the UK Budget announcement and political uncertainty means currency devaluation.
Streeting has denied all claims this morning, but it's now the second time in 2-months a leadership challenge has made headline news (Burnham in September). With an upcoming controversial Budget and Labour polling consistently below 20% (Reform 31%), trouble looks likely ahead.
Many data-houses we follow are expecting poor UK GDP figures tomorrow.
In the last jobs report, there was a striking fall in total employee hours worked in Q3. The thesis is; the only way output can rise, is if inputs rise or if there is an improvement in efficiency of the inputs. Neither look likely.
A soft reading tomorrow will bring real recession and stagflation fears and money markets will have a field day with future BoE interest rate cut chances, all sending GBP lower. |
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