Ahead of the Autumn Statement, media reports were circulating that the Prime Minister wanted it to be a “deadly dull” affair; in the end it wasn’t far off. The growth downgrade was predictable, the borrowing upward revisions were as expected and many of the measures had already been announced ahead of time. So you may be wondering: why I am even writing a blog post? Well, there are still a few things worth highlighting.
In recent days, currency markets have taken a dim view about the direction the UK is heading. Aside from the ‘flash crash’ (when the exchange rate briefly plummeted to 1.18 against the US dollar), what is driving the lurch down, what are the consequences and how worried should we be?