The pound euro (GBP/EUR) exchange rate is falling to €1.1550, its lowest level since mid-April.
The pound is tanking as concerns grow over the state of the UK’s finances.
PM Starmer failed to confirm that Chancellor Rachel Reeves would still hold her position at the next general election. This raises concerns that a new Chancellor may not adhere as strictly to the fiscal rules.
The backtracking on welfare cuts means the Chancellor’s headroom is fast disappearing. UK gilt yields jumped to 4.61%.
The EUR is rising against the pound but falls versus the USD. The EU has yet to reach a trade deal with the US ahead of the July 9 deadline.
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