The GBP EUR exchange rate was lower on Tuesday as retail sales disappointed with consumer confidence hurt. The Chancellor has hinted that tax cuts may be on the way to ease the burden. In France, Emmanuel Macron has poured cold water on Ukraine’s hopes for joining the EU anytime soon.
The GBP to EUR trades at 1.1670 and will support at lower levels.
UK homeowners warned to brace for 3.5% interest rates
Felicity J Lord partner James Baring warned interest rates “will continue to go up” and might reach 3.5 percent before the year is out. He suggested that sellers might benefit from the rise as buyers will feel the need to “secure a decent fixed rate”, he claimed but warned there will be a point where rates “will bite into people’s disposable income”
Mr Baring said: “I believe, and that is being supported by research that I have done, that interest rates will continue to go up through the year. Maybe to 2 percent to maybe even 3 and a half percent.
“I mean that is what has been prophesied by economists,” he added.
On Northern Ireland, the DUP said the Northern Ireland Protocol must be removed before any executive can be formed.
DUP leader Sir Jeffrey Donaldson has said the “long shadow” of the Protocol is souring politics in the region. Speaking at a press conference with his new assembly team at Stormont, Sir Jeffrey said: “We want to see this place up and running as soon as possible. We need decisive action by the government to address the difficulties created by the protocol,” he said.
“Whether that is driving up the cost of living, whether that is the harm that it is doing to businesses and our economy, or indeed in undermining political stability in Northern Ireland. But the long shadow of the protocol is casting its mark over this place,” he added.
For the month of April, retail sales in the UK slipped 0.3% year on year compared with a 51.1% increase in April 2021, when ‘non-essential’ retail reopened.
Macron shoots down prospect of Ukraine joining EU soon
French President Emmanuel Macron used a much-anticipated address to the European Parliament on Monday to talk of his vision for the future of the European Union, calling for a “stronger and more sovereign” Europe.
However, he dashed Ukraine’s hopes of joining the 27-nation EU bloc any time soon. While he was making that speech, his Russian counterpart was marking the country’s victory against Nazi Germany, but Macron said Europe would “do everything” it could to make sure that “Russia can never win.”
The European and German economies will see the release of ZEW economic sentiment figures this week ahead of the Queen’s speech, which will be delivered by Prince Charles. During the speech, 38 bills will be announced that are set to become law over the next year. These include the Online Safety Bill, a bill protecting freedom of speech in universities and legislation that is aimed at boosting the economy through post-Brexit powers.
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