UK austerity programme is ‘the envy of Washington’

That’s the headline in this piece from the UK Telegraph which puts a positive slant on the new PM Cameron’s austerity package. The downsides to the package are of course the growth and employment implications which will play out over the next few months.

All this should mean some significant volatility in the pound in the first half of next year as one side of the story and then the other gains the ascendency.