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GBP: Banks expect higher inflation

The fact that inflation rose in October was a cause for concern for the UK but one that could benefit sterling. It wasn’t until the very last days of October that Rachel Reeves delivered the autumn budget – widely viewed as potentially inflationary due to the increase to employer national insurance. After the report, Deutsche Bank was one of several lenders to upwardly revise their 2025 inflation expectations. Should that prove accurate, sterling could be supported by a less aggressive Bank of England.
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