The Pound Is On The Up

This week, the British Pound 💷 has experienced a noteworthy appreciation. The Pound's rise is attributed to a combination of improved market sentiment and strategic economic manoeuvres. Notably, the Bank of England's decision to hold interest rates steady has played a significant role in bolstering the Pound's position against other major currencies. This move contrasts with the actions of other central banks, which have adjusted rates, thereby making the Pound more attractive to investors seeking stability amid global economic uncertainties.

What does this mean for you:

• Fuel prices have reduced (not solely due to the £ but it’s a factor).

• The cost of imported goods will be less, and consumers may see these savings passed on.

• More travel money, your £ will buy you more foreign currency and make spending abroad cheaper.

• If you are using $ based investments, you will be able to buy extra units with your £ investment.

Key Articles I Have Read This Week:

• Finally the cost of something is heading back down, BBC covers the reduction in the price of filling up your car: Read it here

• The FT looks at the current rally of Pound Sterling and why we are seeing gains against both the Dollar and the Euro: Read it here

Investment Markets This Week:

Best Cash Savings Rates This Week

It’s Out With The Tax Dodgers!

Rachel Reeves didn’t give much away when she spoke at the Labour Party Conference this week but she did announce a crackdown on tax evasion. Where could those individuals look to move their money to????