ONS revisions in balance of payments data shows a GBP490bln write-down
AEP in The Telegraph with an article published last night 16 Oct
A massive write-down in the UK balance of payments data shows that Britain's stock of wealth - the net international investment position - has collapsed from a surplus of £469bn to a net deficit of £22bn. This transforms the outlook for sterling and the gilts markets.
"Half a trillion pounds has gone missing. This is equivalent to 25pc of GDP," said Mark Capleton, UK rates strategist at Bank of America.
Making matters worse, foreign direct investment (FDI) by companies is plummeting. It fell from a £120bn surplus in the first half 2016 to a £25bn deficit over the same period of this year."
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The news comes on top of the OBR confessing to a miscalculation of their own last week in UK productivity potential.
Not good news for the UK or pound so let's see if it plays out as the session progresses.
GBPUSD currently flat-lined at 1.3283 as is EURGBP around 0.8857