A major hedge fund said the pound appears “vulnerable” to further declines and warned of the damaging effect on British society.
Rokus Capital Management, led by billionaire Chris Rokus, said that Britain had suffered more than its peers due to Brexit, deglobalization and the pandemic.
In a letter to investors seen by the Financial Times, she said: “The recession needed to tame inflation in the UK is deeper than needed anywhere else, with potentially serious societal repercussions,” adding: “The pound sterling looks vulnerable.”Read:Brits in Malta backed up at passport control
5 things to start your day
1) Boris Johnson and Liz Truss in plotting a rebellion challenge to Rishi Sunak Former prime ministers are joining their Tory colleagues in calling for an end to a ban on onshore wind farms
2) Working from home is essential to lowering the gender pay gap, senior Treasury staff claim The claim comes because hundreds of civil servants worked remotely during the fall statement
3) JPMorgan has sued over Epstein’s links by a lawyer who has challenged Prince Andrew The suit centers on the role of the former Barclays boss
4) Ambrose Evans-Pritchard: Putin faces another gas shock for us: deindustrialization in Europe It is the president’s bet that he can break up Europe before it breaks up RussiaRead:I got a Stagecoach bus during the strike and this is what happened
5) Hundreds of buyers are at risk of losing Help to Buy Whitehall move deadline for the property to comply with the rules is three monthsRead:Why has the pound fallen? What can be done about it and what it means for you
What happened overnight
A gauge of Asian stocks is down amid a muted tone in the markets this morning after Thanksgiving in the US. Treasurys rose as trading resumed after the holidays.
Hong Kong-listed technology stocks led declines in Chinese stocks as investors weigh recent gains against a rise in Covid-19 infections and lockdown-like restrictions affecting large swathes of Beijing.
US stock futures advanced after comments from Federal Reserve officials supporting the case for a slower pace of interest rate increases. The dollar headed for a fourth day of losses.