Daily Brief – UK Employment

UK Employment

Real life consequences of policies that fulfil Chancellor Reeves’ agenda: this time we will not dwell on the plainly evident politics of envy stuff about targeting the higher earners, stuffing the non-doms, and even deciding to double tax those wishing to pay for private education or invest in property through second homes. This time the April employment numbers show 55,000 fewer jobs and unemployment rose to 4.6%. That will be a practical lesson for the Chancellor in how the anti employer national insurance levy plus the anti employer employment laws are making businesses across the UK business landscape wary of taking on new staff. Sterling consequently marked down.

EUR/USD 1.1427.

Indebtedness to China

If money is influence, China’s influence in some countries is more than significant. At the top of the indebtedness tree is Pakistan with USD 30 billion followed by Angola with USD 21 billion and then a whole roster of African countries with lesser but still influence driving amounts. While the world agonizes over tariffs, China is moving forward with its influence and power acquisition agenda. 

EUR/GBP 0.8464.

Trade Talks

A further example of what the revered and much missed past Governor of the Bank of England called the Wimbledonisation of London; in that case the tendency for financial services companies from all over the world to want to be located in London. This time it is China and the USA meeting in London to try and hammer out a deal-escalation of the trade war as well as a way forward. On the table additionally are deals surrounding the restrictions on semi conductor chips and rare earths. Such is the importance of these talks that journalists are camped outside Lancaster House, where the two sides are meeting and the market is watching closely for any signs of a rapprochement.

GBP/USD 1.3501.

Penrith Four

No, not a miscarriage of British justice but a story that in Cumbria at least is big-very big. Yesterday four sheep were being pursued by Cumbria’s finest, and as the police closed in, the sheep climbed on to the roof of a two storey house in Penrith and had to be rescued by the Cumbria Fire Brigade using a combination of ladders and cajolery. It turned out that it was a sheep and three lambs so will probably be classed as a domestic so no charges to be filed. Phew.

EUR/JPY 165.58.

My Love

Lionel Richie was so well integrated with the Commodores that it seemed inconceivable that he might go solo. This hit released this day in 1983 proved the sagacity of that move and Lionel Ritchie went on to forge a superstar solo career. The lyrics make it clear that he needed the woman more than the Commodores.

I’ve been through so many changes in my life, woman
It’s a wonder I ain’t lost my mind
And I ain’t never said how much I need you sugar
But I sure need you by my side

My love, just thinking about you baby
Just blows my mind
My love, just thinking about you baby
Just blows my mind all the time

Life with me, I know for sure it ain’t been easy
But you stayed with me anyway
Even though you ain’t gonna lose too much by leaving
I’m so glad you stayed

My love, just thinking about you baby
Just blows my mind
My love, just thinking about you baby
Just blows my mind all the time

You’ve been my friend, and you’ve been my lover, oh Lord
Honey, you’re everything I need

Discussion and Analysis by Humphrey Percy, Chairman and Founder

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