UK’s Truss says they don’t rule out using Article 16 down the line

British Foreign Minister Liz Truss said on Monday that they don’t rule out using Article 16 further down the line, as reported by Reuters. “Triggering Article 16 would not resolve fundamental issues in the Northern Ireland Protocol,” Truss added. Regarding the upcoming vote on proposed legislation to override parts of the post-Brexit agreement, “It is … Read more

UK CBI Retail Sales drop to -5 in June vs. -1 previous

The Confederation of British Industry’s (CBI) latest Distributive Trades Survey showed on Thursday, the UK’s Retail Sales Balance dropped to -5 in June versus May’s -1 print. Additional details June Retail Sales 3-month average -14 vs. May -9, lowest in more than a year. Retail Sales balance for the time of year -19 in June … Read more

Sterling to remain under pressure over the coming months – Commerzbank

The economy in Great Britain continues to weaken. Subsequently, the environment for sterling is difficult, economists at Commerzbank report. Bank of England to act too cautiously over the coming months “We see the risk that despite high inflation levels, which reached 9% in April, the BoE will act too anxiously over the coming months due … Read more

UK business confidence tumbles to one-year low over inflation fears – Times

“Business confidence fell to its lowest level in more than a year last month amid growing fears that inflation poses a long-term threat to company sales,” said the UK Times in its latest news during early Tuesday morning in Asia. “Confidence among companies is now at levels last seen in April 2021, when coronavirus restrictions … Read more

Will not challenge PM Johnson for leadership

There are no plans to challenge Prime Minister Boris Johnson for the leadership, Senior British Minister Michael Gove said on Thursday, per Sky News. When asked about potentially running against Johnson for leadership of the Conservative Party, Gove said, “Oh God no!” Johnson narrowly won a confidence vote on Monday and is set to deliver … Read more

At least 145 UK conservative lawmakers publicly back Boris Johnson as the confidence vote begins

Britain’s prime minister, set by a scandal over lockdown parties, faces a determining vote on Monday evening London time. Conservative lawmakers have handed out to the PM Boris Johnson a potentially lethal blow to his leadership as they have triggered a no-confidence vote which could force him from his position as leader of the government … Read more

GBP/USD holds in mid-1.2500s despite PM Johnson’s looming confidence vote, eyes US CPI later this week

GBP/USD rebounded from a key area of ​​support in the upper 1.2400s to the mid 1.2500s on Monday. Sterling is outperforming despite UK PM Johnson’s looming no-confidence vote that could unseat his premiership. The week will otherwise be quiet until Friday’s US CPI data release. Despite UK PM Boris Johnson’s looming confidence vote later on … Read more

EUR/GBP to advance nicely towards 0.86 given pound’s vulnerability – Rabobank

In the year to date, the British pound is the third worse-performing G10 currency after the JPY and the SEK. Economists at Rabobank expect the pound to continue facing headwinds over the coming months. Concerns about growth are central to the poor performance of the pound “The current cost of living crisis in the UK … Read more