Posts Tagged ‘pound’
S&P affirms “AAA” rating for UK
Rating agency Standard & Poor’s (S&P) today affirmed its “AAA” long-term rating on Britain but maintained its negative outlook on the long-term rating.
Following the news, the pound fell to $1.5017 from $1.5068.
Commenting on its announcement, S&P analysts Trevor Cullinan and David Beers, said: “The coalition government has set out what we view as a [...]
European shares down on banking concerns
There are fresh concerns over the European banking sector after banks are scheduled to repay €442 billion (£362 billion) worth of loans to the European Central Bank (ECB) later this week.
Shares in Europe hit a three-week closing low today as a result. Furthermore, shares were hit by a sharp fall in US consumer confidence [...]
Bank voted 7-1 to hold rates in June
Minutes of the Bank of England’s June meeting have been released today and have revealed that the Monetary Policy Committee (MPC) voted 7-1 earlier this month to keep interest rates at the historic low of 0.5% – where they have been since March 2009.
The usual nine-strong committee comprised of only eight members this month [...]
Pound gains on dollar despite hung parliament
Despite Friday’s general election result, which failed to give any political party a clear majority, sterling has gained on the US dollar today, while London’s FTSE recovered from the sharp falls on Friday.
The pound rose by nearly a cent against the dollar to $1.4865 but fell against the euro to 1.1510 euros.
The pound fell [...]
ABFA: Hung parliament bad for economy
Kate Sharp, chief executive of the Asset Based Finance Association (ABFA) believes last week’s hung parliament result could seriously hurt the UK’s economic recovery.
According to many experts, the hung parliament result means that it will be harder to pass legislation and undermine a fragile UK recovery.
Ms Sharp of ABFA comments: “The ABFA supports policy plans [...]