Daily Brief – British Pound

British Pound

At present Sterling looks firm against EUR and as ever it is a US Dollar story which will dictate where GBP goes this week. As outlined below, the domestic picture will be dominated by Chancellor Healey’s Autumn Budget Statement, events in the Gulf and the Oil price will drive USD and France, its borrowing costs and the continuing civil unrest there will act as an overhang on the EUR. That means that British buyers will enjoy the best levels for buying EUR at 1.1935 in GBP terms since May 2025.

EUR/GBP 0.8378.

Bloody Minded Entrepreneurs

When UK Chancellor Healey promised a budget for BME’s it prompted us to look into what he (his office said that) he meant; it turns out that BME’s are UK business owners, founders and SME leaders and the promise that in addition to addressing the cost of living, Chancellor Healey is going to address the cost of doing business. That cost of doing business is defined as regulatory burdens, planning constraints and high overheads. No mention of Corporation Tax, Business Rates and the costs of employing staff-Employer National Insurance, Auto-Enrol Pensions, Mandatory Statutory Payments and Leave about which his colleague Angela Rayner is evangelical. The total cost of employing someone in the UK is now between 15% and 25% in addition to the Base Salary. No wonder entrepreneurs are bloody minded.

GBP/USD 1.3374.

Oil

Friday morning saw Brent Oil for delivery in December trade at USD 115.45 only to rise further in afternoon NYC trading. Apart from the cost of oil, the implications for economic activity, the negative impact on the rate of inflation and consequently the added impetus for further interest rate rises will very soon weigh on global markets. The optimism last week for a return to the negotiating table between Iran and the USA for peace talks has been replaced with worries that immediately post the Midterm US elections, the USA and Israel will return to bombing Iran.

Brent Oil USD 117.45.

Family Offices

Taking a look at where the Family Offices are located in 2026 shows how the world has changed in the past 25 years. While London with 900 and NYC with 1100 so a total of 2000 are both very important centres, it is the UAE with 1100+, Hong Kong with 2800 and Singapore with 3000 that have captured the majority with nearly 7000 Family Offices. Switzerland with 300 split between Zurich and Geneva and Luxembourg with 200 have missed out on the growth of this sector of the global market.

EUR/USD 1.1202.

As Tears Go By

This day in 2010 Rolling Stone Keith Richard published his highly anticipated and acclaimed, it is fair to say, autobiography, Life. Having ploughed through all 576 pages and having expected plenty of pretty much everything that comprises half of the most famous rock stars Dartford Duo, it left me feeling somewhat ho hum. Probably this was due to the fact that as a lifelong diehard Stones fan, I had heard it all before.

It is the evening of the day
I sit and watch the children play
Smiling faces I can see but not for me
I sit and watch as tears go by
My riches can’t buy everything
I want to hear the children sing
All I hear is the sound
Of rain falling on the ground
I sit and watch as tears go by
It is the evening of the day
I sit and watch the children play
Doing things I used to do, they think are new
I sit and watch as tears go by

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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