Mid-November, UK bond prices plummeted following news that UK Chancellor of the Exchequer Rachel Reeves was set to ditch her initial budget plans, which included a two per cent rise in the basic and higher rate of tax. Yields on gilts skyrocketed, and sterling weakened – especially against the euro. The euro-to-sterling exchange rate rose to its highest level in several years, making cross-border Christmas shopping an appealing prospect once again. Reeves’ budget plans were floated in the UK in recent weeks, and they have received a torrent of criticism, not least from voters who were promised no increases to…

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