The pound euro (GBP/EUR) exchange rate is rising, recouping yesterday’s losses.
The pound is rising after Finance Minister Rachel Reeves said she is considering tax hikes and spending cuts in her November 26 budget to restore fiscal balance. Reeves aims to raise around £30 billion amid higher borrowing costs and scrapped welfare cuts.
Meanwhile, UK grocery inflation accelerated to 5.2% in October, up from 4.9% in September/ Retailers warn it could rise to 6% by year’s end.
The euro slipped against the pound but gained versus the dollar after eurozone industrial production fell 1.2% in August, a smaller decline than the 1.6% forecast, highlighting fragile growth in the region.
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