Not-so-cheery news for Reeves ahead of tomorrow’s budget: UK retailers’ confidence has collapsed to 17-year low, according to the Confederation of British Industry. Sentiment for the next three months plummeted to -35 from -10 in August. The worst reading since the height of the 2008 financial crisis…
Meanwhile, traders are betting against sterling as investors predict the Winter Budget will push the pound lower against the dollar. According to derivatives giant CME Group, traders have been piling into put options, with volumes running more than four-to-one ahead of their bullish call counterparts over the past week. At the risk of ‘mansplaining’ to Reeves, this is not good news…
