While the UK Government continues to march towards BREXIT, and make the best of a bad deal while basking in much improved manufacturing numbers, the financial indicators continue to dive, hurting pretty much everything.
The pound against the US Dollar (the cable) continues near its lowest ever, while up a few cents. The chart is from xe.com, the arrow is my finest graphic work. What this adds up to to a continued fire sale of UK assets, companies.
Unless the British Government really does “reset British economic policy” things will continual get worse. It won’t be the “big bang”, “walls up”, “less immigration”, “take-back-control” it will be a much more insidious reduction in the standard of living, value of savings, loss of investments and more.
Meanwhile, my UK Bank, FirstDirect, wrote to me to alert me, following the Bank of England’s’ cut of interest rates to a record low. This in turn lead to the usual cuts in deposit and interest rates.
The FirstDirect letter makes a perfect series of excuses, and the cuts are punitive for anyone with savings, including me, although they don’t really explain why they are reducing the rate of interest for those with the least savings.
FirstDirect is a subsidiary of the Hong Kong Shanghai Bank (HSBC).