Daily Market View 26-11-2025
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Big day for Reeves, the Pound and the Country
GBP-
The big day has at last arrived, after so much speculation, by lunch, we will be listening to the Chancellor deliver her plan to fix the UK's fiscal problems. Whether it will represent a short term plaster, or a more long term raft of reforms, remains to be seen.
Higher than expected wage growth should help the Chancellor regain some headroom, especially with fiscal drag caused by the frozen tax thresholds dragging in 4 million new taxpayers to the basic brand since 2021.
Consistent OBR growth and productivity downgrades have done no short measure of damage however and seriously large changes should be expected. The Pound, for now, is frozen, waiting for the budget to decide its direction.
My initial reaction would suggest a weaker GBP immediately following, but if Reeves can pleasantly surprise, GBP could recover some of its most recent losses.
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