On Wednesday, The UK’s newly appointed Chancellor, Rishi Sunak, delivered the first parliamentary budget since 2018. Mr. Sunak impressed the house of commons with his self-assurance and caught the headlines for delivering what on the face of it appeared to be a Conservative Party spending bonanza. As expected, Coronavirus was top of the agenda as the chancellor promised to do “whatever it takes to support the economy” in these uncertain times.
After a cruel week in the markets, Britain’s FTSE 100 index was up 7% by lunchtime today, rallying after its worst fall since 1987. European stocks had their worst day in history on Thursday as concerns about the coronavirus and Donald Trump's move to curb travel from Europe sent investors into a state of panic. Friday's rise was in part attributed to stimulus measures from central banks.