Not just Brexit, HSBC say the UK's fiscal position is one of the worst in the G10

  • Brexit risks have come bubbling back up - the UK government insist there will be no extension of the Dec deadline to exit which leaves the risk of a no trade deal exit
  • Fund flows out of the UK persist, the UK a net debtor

End of 2020 forecasts:

  • GBP/USD 1.20 from an earlier forecast of 1.35
  • EUR/GBP 0.87 (from 0.81)