020 7898 0500Economic data released yesterday showed house prices across the UK fell for the first time since 2009. However, although the monthly data showed a decline, the figure was still up year-on-year. The monthly decline could be because of the snap election and resultant political uncertainty.
Yesterday marked the official start of the Brexit negotiations. David Davis, the Brexit Secretary, has said he is entering negotiations with a ‘positive and constructive’ frame of mind. However, given the current political landscape in the UK, it’s hard to imagine much was discussed. We saw sterling soften slightly on the back of this event.
As reported yesterday, BoE Governor Mark Carney gave a Mansion House speech this morning in which he said Britain’s economy can’t handle higher borrowing costs. The pound has already hit a one-week low in response and we’ll be tracking movements throughout the rest of the day.
