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An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London, in this March 25, 2008 file photograph. Yet the rapid rise in yields investors now receive for owning UK bonds hasn't helped sterling much. Pound slumps and UK borrowing costs surgePredicting the short-term direction of currencies is notoriously hard. Against the euro the pound is only at two-year lows, although it is down 3% since Friday. "People will look at the UK and think that that's not a market that is stable," said Payne at Janus Henderson.

☆ New UK finance minister Kwarteng seeks end to 'cycle of stagnation'
▼ + stars: | 2022-09-23 | by ( David Milliken | ) www.reuters.com time to read: +4 min

Paul Johnson, director of the Institute for Fiscal Studies (IFS) think tank, said Truss and Kwarteng's tax cuts could be the largest since 1988, and risked putting Britain's public debt on an unsustainable path. The IFS, together with U.S. bank Citi, estimate household energy subsidies will cost about 120 billion pounds over two years, while six months of business energy subsidies will cost 40 billion pounds. read moreThese are a one-off, and the bigger concern for the IFS is around 30 billion pounds of permanent tax cuts - starting with 14 billion pounds in reduced payroll taxes, confirmed on Thursday, and 15 billion pounds of cuts to corporation tax. For Kwarteng, tax cuts and deregulation are a way to end what he calls "a cycle of stagnation" that led to tax rates being on course for their highest level since the 1940s. "We will liberalise planning rules in specified agreed sites, releasing land and accelerating development," Kwarteng is expected to say.

☆ New UK finance minister Kwarteng seeks end to "cycle of stagnation"
▼ + stars: | 2022-09-22 | by ( David Milliken | ) www.reuters.com time to read: +4 min

☆ London stocks fall with eyes on BoE meet after Fed's big rate hike
▼ + stars: | 2022-09-22 | by ( Bansari Mayur Kamdar | ) www.reuters.com time to read: +2 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. The blue-chip FTSE 100 index (.FTSE) fell 0.4% and the domestically focussed mid-cap index (.FTMC) declined 1.0%, tracking weakness in European and Asian peers. read moreBanks (.FTNMX301010) and insurers (.FTNMX303010) fell 0.6% and 0.4%, respectively, weighing on the benchmark FTSE 100 index. So going forward, as the BoE continues to hike rates, it could be negative for bank stocks." Meanwhile, the sterling pared early losses after briefly hitting a new 37-year low against a firm dollar.

☆ UK gilts suffer biggest collapse since March 2020 meltdown
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +3 min

read moreThe potential scale of additional government borrowing implied by Truss's plans has undermined investor confidence in gilts over the last month. And it just keeps on looking like spend, spend, spend; borrow, borrow, borrow," Ostwald said. read moreThe gap between 10-year British and German benchmark bond yields touched 156.4 basis points on Thursday, the highest since 2015. The 10-year gilt yield has risen 70 bps in September so far, following a 94 bps increase in August that had been the biggest in 36 years. Taking August and September thus far together, the increase in yield would be the largest since October and November 1979, according to Refinitiv data.

☆ Confidence in UK assets on thin ice, investors warn - Reuters poll
▼ + stars: | 2022-09-21 | by ( Andy Bruce | ) www.reuters.com time to read: +4 min

Slightly more than half - 55% - of the international banks and research consultancies polled by Reuters last week said there was a high risk confidence in British assets would deteriorate sharply in the coming three months. Register now for FREE unlimited access to Reuters.com RegisterFifteen out of 29 respondents said the risk was high, including three primary dealers of British government bonds. These shifts in part reflect investors' worry that Britain's reliance on imported energy will leave it exposed to higher inflation for longer. "But the new, inexperienced government faces great challenges and could easily make missteps which add to investors' concerns." "If higher inflation becomes a more structural phenomenon... yields could also turn out to be structurally higher," Rabobank's Bas Van Geffen said.

☆ British food: 20 best dishes
▼ + stars: | 2019-03-22 | by ( Anna Pallai | ) edition.cnn.com time to read: +8 min

CNN —If British food has come in for a bit of mockery over the years, it isn’t because the recipes are wrong. Eating British food is not just eating. Like 95% of all British cuisine, it is comprised entirely of eggs, flour, milk and fat. By the age of 16, the average British child will have eaten this dish 4,160 times. Layer one pudding on top of another pudding on top of another and cover it all with whipped cream.

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