Chancellor of the Exchequer Rishi Sunak delivered the Budget yesterday – with the newly-appointed Chancellor’s financial statement being the first Budget in Boris Johnson’s majority government. It came on the same day as the Bank of England announcing a cut in interest rates from 0.75 to 0.25, and amid the outbreak of coronavirus both in the UK and across the globe.
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So, how have all of these factors affected the pound to euro exchange rate?
The pound to euro exchange rate opened at 1.1378 today, with the pound trading at 1.1335 at the time of writing, according to Bloomberg,
Following events yesterday, Michael Brown, currency expert at Caxton, spoke to Express.co.uk about the pound to euro exchange rate.
Mr Brown said: “Sterling ended the day back where it started against the euro on Wednesday – despite a rollercoaster ride involving a surprise, emergency, 50bps BoE rate cut; and Chancellor Rishi Sunak aiming his fiscal bazooka at the UK economy with a £30billion package to cushion the blow of the coronavirus.
“Today, attention shifts to the eurozone, with ECB President Lagarde facing lofty expectations as markets await a sizeable stimulus package as the bloc deals with the coronavirus pandemic.”
Amid the coronavirus outbreak, many people may be thinking about their travel plans.
Yesterday, the Public Health England update on the coronavirus outbreak revealed that 9am on March 11, 2020, 387 people have been confirmed as positive for COVID-19.
Of these, six patients who tested positive have die.
The government’s response to COVID-19 is set to escalate today, according to reports.
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