New UK finance minister Hammond out on the wires 19 July 2016
- will work closely with BOE to maintain confidence in UK economy
- UK must address large budget deficit
- any further measures will be unveiled in Autumn statement
- raising productivity is a key long-term challenge for UK
- initial response to Brexit shock must be a monetary one
That last comment sending GBP lower again to next line of support/demand. GBPUSD 1.3162 EURGBP still trying to chew through good offers between 0.8400-05
- have obtained hard guarantees from Softbank on ARM Holdings takeover
- UK not open to asset strippers
UK the new model for Poundland? Get goods and companies on the cheap but you can't sell them down the market for at least a year.
