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UK Consumer inflation for November came in at 4.1% today, down from 4.5 in October but still well above their French neighbors across the channel, who came in at 1.9% for the same period, down from 3% the month prior. The pound reached a new low against the Euro on the news as the deflating economy clears the path for more cuts by the BOE.

The UK continues to be the sickliest looking of the large European economies. With a housing market in freefall, a devastated financial sector and inflation levels that remain high on a relative basis –the prospect of a recovery in the foreseeable future is very dim indeed –regardless of any more intervention by Brown, Darling & King LTD.

Although we closed out of EWU position last Friday we will continue to keep our eye on the UK and will look for opportunities to re-short into strength

Andrew Barber
Director