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The pound looks set to extend its decline next week, when traders and economists predict the Bank of England will cut interest rates for the first time in more than seven years.
Sterling, which posted its third consecutive monthly drop against the dollar in July, has weakened versus all of its 31 major peers in the past three months. Britain’s vote in June to leave the European Union, along with recent economic data which underscored the ensuing setback to consumer confidence and business activity, have boosted speculation that the BOE will loosen monetary policy on Aug. 4.
All but two of the 46 economists in a Bloomberg survey forecast policy makers led by Governor Mark Carney will cut the key interest rate from a record-low 0.5 percent. While the median estimate in a separate survey was for the BOE to maintain its asset-purchase target at 375 billion pounds ($498 billion), the highest forecast of 525 billion pounds underlined the uncertainty over the extent of the BOE’s stimulus measures. The central bank will also release its quarterly Inflation Report.
The Bank of England has announced the first change to its benchmark policy rate since 2009, and a raft of further stimulus measures the help mitigate the impact of the UK’s Brexit vote.
This is a couple of weeks old but still interesting
"The pharmaceutical firm, whose chief executive Sir Andrew Witty backed the Remain campaign, said the UK's skilled workforce and competitive tax system helped drive the decision.
It said most of the products made at the expanded sites would be exported.
The firm said it expected its investment to create jobs.
The company has invested £750m in new facilities over the past six years. This latest decision takes the total up to £1bn.
The investment will be spread across three of its UK manufacturing sites: Barnard Castle in County Durham, Montrose in Angus, and Ware in Hertfordshire.
GlaxoSmithKline currently employs 16,000 people in the UK, 6,000 of which are employed in manufacturing."
Quite an interesting and aggressive stance from the Chinese. I found it odd that they would be so aggressive in pushing a deal that they are simply financing. For me that is a red flag. It could add further delays to the deal if the UK were to re-evaluate the financing and go over the details once again or if T. May felt the need to show strength and pushed back after these comments.
Perhaps they think they can be pushy as we are 'desperate' but we aren't out of the EU yet.
The fact that one of the main arguments and tactics of Brexiteers was to establish strong relationships with China and other major global powers, moving away from a reliance on the EU. If we take the comments in this article as close to fact, then it seems the Chinese see these as less of a relationship and more a dictatorship.
"The pound fell for a second week as the Bank of England restarted its stimulus program, leaving the U.K. currency as, once again, the year’s worst performer.
Before the BOE’s revamped bond purchases started on Monday, sterling had conceded the dubious honor of being the biggest loser among 32 major currencies to the Argentine peso as it rallied from its post-Brexit lows. The pound is now back below $1.30 for the first time since July as the easy money policies designed to shield the economy from the decision to quit the European Union take effect."