Recent Blogs




Easy does it for the MPC

The precipitous fall in sterling since 23 June, which has seen only the Mozambique New Metical and the Sierra Leone Leone perform worse, was a predictable response to the referendum outcome to leave the EU. 

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Brexit: Wishful thinking

  • The UK Government is apparently looking at options to protect the car and financial services industries following Brexit.
  • But these proposals appear entirely unrealistic and aimed more at calming jittery financial markets.

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The ECB – Not the time for tapering

  • The future of the ECB’s QE programme has become a subject of intense speculation.
  • Given the underwhelming economic outlook and banana-skins ahead, the ECB would be foolish to taper.

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Sterling – far from flash

The past week has seen sterling perform the worst of all the world’s currencies. And with the UK Government seemingly careering headlong into a hard Brexit, it looks set to fall further from here.

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Kuroda does what he can (but it won’t be enough)

  • The BoJ announced a yield curve control framework and its commitment to over-achieve on its inflation target.
  • But without a fundamental shift in the macro policy mix, rates may have to stay at or below current levels for the next decade or beyond.

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