By Jonathan Watson

Today marks the UK’s Emergency Budget. This is going to be watched very closely and should move the market.

Anticipation is for there to be some severe public sector cuts. Any cuts will obviously go some way to reducing the governments spending but will they go too far, jeopardising our recovery and pushing us back into recession?  Cutting 50000 jobs in the public sector will mean 50000 less employees wages to pay. But it will mean an extra 50000 people potentially claiming benefits and an extra 50000 people with reduced incomes no longer spending on goods and services in the UK. The knock on effects of economic measures can be quite severe and are not always predictable.

There has been some Sterling weakness this morning against both the US dollar and the Euro, in anticipation of this.

Such movement can drastically affect your foreign currency requirements. If you have foreign property to purchase, need to top up a foreign currency account or do a bank to bank foreign exchange transfer, use the contact us form and one of the traders from this site will be happy to discuss the best way to save you money on currency transactions.