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The Pound Is One of the Best Performing Currencies Since the Tax Cuts Were Announced

Of course, the UK has also seen a big jump in rates.

A waterbottle with the slogan "In Liz We Truss" for sale on a merchandise stand during the Conservative Party's annual autumn conference in Birmingham, UK, on Tuesday, Oct. 4, 2022. 

A waterbottle with the slogan "In Liz We Truss" for sale on a merchandise stand during the Conservative Party's annual autumn conference in Birmingham, UK, on Tuesday, Oct. 4, 2022. 

Photographer: Hollie Adams/Bloomberg

The big story last week was the volatility in the pound and gilt markets. And it really was a volatile week.

But it’s also true that since Sept. 22, when the Thursday before the UK’s controversial fiscal plans were announced, that the British pound is one of the best performing major currencies in the world. Here’s a chart showing the Bloomberg Expanded Majors category since that day.