Twitter leads the news

It’s been a relatively quiet week as we enter the second big Bank Holiday weekend of the year.

There have been no major economic releases in the UK for the last several days.

Internationally we’ve seen inflation increase in Australia and hit 7.8% in Germany. EU-wide we’ve seen GDP figures slightly less than expected but still growing. This hasn’t been the case in the US where GDP contracted by -1.4% instead of the expected 1% growth.

The business news has been dominated by the fact that Elon Musk appears to be on track to take over Twitter.

In domestic affairs, we’ve seen a range of new scandals in Westminster be uncovered over the course of the week.

The Pound Sterling has had a terrible week against the Dollar now dropping well below the 1.30 mark permanently. (We’ve seen a slight improvement though today following the poor US GDP figures, but not enough to climb back over the 1.30 level).

Against the Euro, we saw virtually no change in the rate, being pretty flat all week.

A pairing that made news this week is the Yuan-Dollar, which saw the Dollar make enough of a gain to become newsworthy.

Another big story this week that made the news has been proposals for a new UK Bank Holiday, making this year’s Platinum Jubilee Bank Holiday permanent. This has been widely met with approval from all corners.

To end with a more fun story, the Guinness World Record for the world’s oldest dog has been broken! The new holder is the 21-year-old chihuahua TobyKeith from Florida who was born on 9 January 2001!

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Sterling continues to gain against USD

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It has been a huge week for the UK economy. On Tuesday the rate of unemployment rose slightly from 3.5% to 3.6%. This was swiftly followed by higher-than-expected inflation figures on Wednesday. UK inflation is now sitting at a whopping 11.1%, a 41-year high. Yesterday we saw the Autumn Statement

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