The “Grexit” (Greek exit) has been a near constant talking point for the Markets in the UK since the beginning of the year. The euro has strengthened over the last five months by an average of 0.7% against the other most actively-traded currencies. In recent weeks the euro has edged higher on average. Compared with pre-referendum levels, it is down by just two thirds of a cent against sterling and the US dollar.
George Osborne has delivered his seventh Budget, the first Conservative budget in 19 years. The Chancellor said; "This is a budget that sets out a plan for Britain for the next five years to keep moving us from a low wage, high tax, high welfare economy; to the higher wage, lower tax, lower welfare country we intend to create."