Daily Brief – 532,046

532,046

That was the number of members of the Labour Party at its peak in 2019. By the end of 2024, after Sir Keir and his team had won an election and placed their stamp on the UK, that number had fallen to 333,235. This together with the flagging Conservative Party represents the widespread disillusionment with the hitherto mainstream parties and the enthusiasm for Reform and so called alternative/disruption politics. Maybe not so much of a change, however, as the 2019 peak for Labour was under the leadership of magic Grandpa Jeremy Corbin.

EUR/USD 1.1607.

Digital Euro

The timetable for the introduction of the digital Euro is becoming more clear – we recently incorrectly reported that it is due to launch in 2026 but it now appears that the rather wide window of 2027-2029 is more realistic. The preparation phase comes to a conclusion quite soon in October this year. Then there will be a debate leading to a decision by the Governing Council of the ECB but before that the legal and political requirements will have to be completed. The development phase is then likely to take 2-3 years so it is still 3 or 4 years away. 

GBP/USD 1.3416.

UK

Yesterday with the FTSE breaking through 9,300 there was a plethora of better Public Sector borrowing data, Gold stood at $3343 and Brent Oil at $67.43. With speculation rife that the UK Chancellor is considering a backdoor wealth tax by way of a levy on residential property, there is plenty of uncertainty on what the Autumn Budget will bring for the hard pressed UK tax payer. What is clear is that the UK’s public finances are in such poor shape that tax rises are all but a nailed on certainty.

EUR/GBP 0.8653.

Operation Raise The Colours

It started with England supporting the Lionesses in their football triumph and then it has slowly built until now with widespread hoisting of St George’s and Union Jack flags across the country from London’s East End to the Midlands, and it is spreading. Some would have it as an outbreak of patriotic pride while others wring their hands and worry that it may make certain ethnicities uncomfortable. Sir Keir when approached managed to swerve making a comment and fielded a spokesman who mumbled something along the lines of the PM always being proud to be English. Meanwhile, the Health and Safety lobby is very concerned that those hoisting the colours may be injured if they shin up telephone polls or the sides of their houses. Anyway it’s a thing.

EUR/JPY 172.30.

Who’s That Girl

This day in 1987 Madonna went to the very top of the US charts for the sixth time with this number which was also the main feature of the soundtrack of the film of the same name.

Who’s that girl?
Who’s that girl?

When you see her, say a prayer
And kiss your heart goodbye
She’s trouble, in a word get closer to the fire
Run faster, her laughter burns you up inside
You’re spinning ’round and ’round
You can’t get up, you try but you can’t

¿Quién es esa niña? (Who’s that girl?)
Señorita, más fina (Who’s that girl?)
¿Quién es esa niña? (Who’s that girl?)
Señorita, más fina (Who’s that girl?)

You try to avoid her, fate is in your hands
She’s smiling, an invitation to the dance
Her heart is on the street, tu corazón es suyo
Now you’re falling at her feet
You try to get away but you can’t

¿Quién es esa niña? (Who’s that girl?)
Señorita, más fina (Who’s that girl?)
¿Quién es esa niña? (Who’s that girl?)
Señorita, más fina (Who’s that girl?)

Light up my life, so blind I can’t see
Light up my life, no one can help me now
Run faster, her laughter burns you up inside
You’re spinning ’round and ’round
You can’t get up, you try but you can’t

Have a Great Weekend!

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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