Latest market insights:
The pound recently hit a 2.5-year low against the euro, while pound to dollar rates are at their weakest in six months. For anyone planning an international transfer, this means your pounds may not go as far as they once did, so now could be a good time to review your plans or consider locking in a rate to avoid further risk.
- All eyes are now on the upcoming Autumn Statement, where the government will outline its latest plans for taxes, spending, and economic growth. With speculation mounting around potential tax increases to plug holes in the budget, markets could remain volatile in the weeks ahead.
- Adding to the uncertainty, the Office for Budget Responsibility (OBR) has recently downgraded UK growth forecasts. Without an increase in taxation, the government faces a widening gap in public finances, a challenge likely to influence policy decisions in the near term.
- Meanwhile, the Bank of England is set to announce its next interest rate decision on Thursday. With opinions split on whether a rate cut is on the cards, sterling may see sharp movements whichever way the decision goes.
If you’re planning to send money abroad and want to understand more about how news from around the world could impact your budget, contact Lumon on +44 (0)204 506 5672 for a free, no-obligation conversation and discover what options you have available to help.
