UK Election Landslide
As we are being told that it is game over for PM Rishi Sunak, it is worth taking a look as to what that would mean for markets with an incoming Labour Government for the first time for 15 years with a large majority and an untested cadre of top leaders. Deep breath here goes: good for banks, construction and supermarkets with a likely pro growth Labour agenda. GBP to strengthen with the current uncertainties overhanging the currency reducing if not exactly evaporating. Implicit in these assumptions is that Rachel Reeves is trusted to be both fiscally prudent and not emulate Kwasi Kwarteng and Liz Truss in their dash for growth in September 2022. So that’s all right then.
GBP/USD 1.2742.
Empires by Land Mass
The top five empires ever include Spain in fifth position which peaked at 13.7 million sq kms in 1810, fourth is the Qing Dynasty 14.7m sq kms in 1790, third is the Russian Empire 22.8m sq kms in 1895, second is the Mongol Empire 24m sq kms in 1270 and first is the British Empire 35.5m sq kms in 1920. Given the size of Planet Earth that means that the British Empire encompassed more than 25% of the world and in addition to being the largest empire is also the most recent of the largest empires. While one can draw many conclusions 104 years later, the most obvious and least contentious is the widespread use of the English language.
GBP/EUR 1.1865.