• should consider more gilt purchases and commitment to low interest rates
  • govt should have clear strategy to sell of RBS and Lloyds banks

More to follow but my wrap-writing has been severely interupted !

  • given the UK’s tepid recovery fiscal plicy shoud address supply side problems and near term support for economy
  • lastet UK data is ” encouraging” but still a long way from strong and sustainable recovery
  • govet should bring forward capital spending where possible and tweak austerity measure to encourage growth

Not a lot we didn’t know and George Osborne comes up with a slightly more sycophantic response given he’s seeing his house of cards precariously placed.

  • agrees with IMF that UK needs multi-prongeed approach
  • IMF report shows there are no easy answers for UK economy
  • now is the time for a clear plan on RBS, Lloyds

Pretty polly, pretty polly.

GBPUSD still 1.5090 having failed to get back above 1.5100