{"id":119438,"date":"2025-07-02T16:30:37","date_gmt":"2025-07-02T15:30:37","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=119438"},"modified":"2025-07-03T16:46:21","modified_gmt":"2025-07-03T15:46:21","slug":"109599-gbp-eur-the-pound-plunges-as-questions-over-uk-finances-grow","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/109599-gbp-eur-the-pound-plunges-as-questions-over-uk-finances-grow\/","title":{"rendered":"GBP\/EUR: The pound plunges as questions over UK finances grow"},"content":{"rendered":"<ul>\n<li><strong>Pound (GBP) is falling for a fifth straight day<\/strong><\/li>\n<li><strong>PM Starmer failed to back Chancellor Rachel Reeves<\/strong><\/li>\n<li><strong>Euro (EUR) is rising but falling against the USD<\/strong><\/li>\n<li><strong>EU trade talks with the US are in focus<\/strong><\/li>\n<\/ul>\n<p>The Pound-Euro (<a href=\"https:\/\/currencylive.com\/exchange-rate\/1000-gbp-to-eur-exchange-rate-today\/\">GBP\/EUR<\/a>) exchange rate is falling for a fifth straight day. The pair fell 0.08% in the previous session, settling on Tuesday at \u20ac1.1643. It traded between \u20ac1.1626 and \u20ac1.1688. At 15:30, GBP\/EUR trades -0.76% at \u20ac1.1562.<\/p>\n<p>The pound plunged against its major peers as investors grew nervous over the health of British finances, and as speculation swirled over a possible exit by Chancellor Rachel Reeves.<\/p>\n<p>10-year gilt yields jumped to 4.61%, the pound as well as the FTSE 250 fell sharply.<\/p>\n<p>The sell-off in UK assets was sparked by Prime Minister Keir Starmer, who failed to confirm that Reeves would be in her post at the next general election when asked in Prime Minister&#8217;s Question Time.<\/p>\n<p>The market is betting that Reeves is on her way out and her replacement, who may not stick so rigidly to the government&#8217;s self-imposed fiscal rules, raising the prospect of more borrowing.<\/p>\n<p>The market has been increasingly worried about levels of debt and sluggish economic growth, highlighting the precariousness of the UK&#8217;s debt situation.<\/p>\n<p>The government had planned a series of cuts to welfare and sickness benefits, but had to drastically rein them in amid huge protests from MPs. As a result, there will be no savings for the government, wiping out the chancellor&#8217;s margin.<\/p>\n<p>Beating higher against the pound but falling against the US dollar in a quiet day for economic data. Figures yesterday showed that eurozone inflation has returned to the central bank&#8217;s 2% target. However, ECB president Christine Lagarde warned that the outlook is more uncertain.<\/p>\n<p>Attention is now turning to the July 9th deadline as the EU works toward a bare-bones deal in trade talks with the US.<\/p>\n<p>Failing to agree on a solution before the early July deadline could see full-scale reciprocal tariffs applied to the EU.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pound (GBP) is falling for a fifth straight day PM Starmer failed to back Chancellor Rachel Reeves Euro (EUR) is rising but falling against the USD EU trade talks with the US are in focus The Pound-Euro (GBP\/EUR) exchange rate is falling for a fifth straight day. The pair fell 0.08% in the previous session, [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":5120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,2649,1394,2410],"class_list":["post-119438","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-eur","tag-eur-gbp","tag-gbp","tag-gbp-eur"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: The pound plunges as questions over UK finances grow - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/109599-gbp-eur-the-pound-plunges-as-questions-over-uk-finances-grow\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109599-gbp-eur-the-pound-plunges-as-questions-over-uk-finances-grow\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109599-gbp-eur-the-pound-plunges-as-questions-over-uk-finances-grow\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/EUR: The pound plunges as questions over UK finances grow\",\"datePublished\":\"2025-07-02T15:30:37+00:00\",\"dateModified\":\"2025-07-03T15:46:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109599-gbp-eur-the-pound-plunges-as-questions-over-uk-finances-grow\\\/\"},\"wordCount\":341,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109599-gbp-eur-the-pound-plunges-as-questions-over-uk-finances-grow\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100775-gbp-usd-pounds-dips-lower.jpg\",\"keywords\":[\"eur\",\"eur\\\/gbp\",\"gbp\",\"gbp\\\/eur\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2025\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109599-gbp-eur-the-pound-plunges-as-questions-over-uk-finances-grow\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109599-gbp-eur-the-pound-plunges-as-questions-over-uk-finances-grow\\\/\",\"name\":\"GBP\\\/EUR: The pound plunges as questions over UK finances grow - 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