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Pound tumbles as Brexit cliff-edge fears grow – business live – The Guardian, Theguardian.com

Pound tumbles as Brexit cliff-edge fears grow – business live – The Guardian, Theguardian.com


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UK wage growth weakens, but jobless rate still very low

Newsflash: Britain’s unemployment rate has stuck at its lowest level in 45 years, but wage growth has slowed.

The jobless rate was 3.8% in the three months to October, the Office for National Statistics says, matching last month’s reading.

The ONS explains:

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For August to October 2020, an estimated 1. 29 million people were unemployed. This is (****************************************************************************************************************************************************************************************************************************************************************************************, ************************************************************************************************************************************************************************************************************************************************************************************************************************************************************** (fewer than a year earlier and) ****************************************************************************************************************************************************************************************************************************************, ********************************************************************************************************************************************************************************************************************************************************************************************************************************************************************* (fewer than five years earlier.)

But average earnings only rose by 3.4% per annum during the quarter, down from 3.6% a month ago. That means real wages (accounting for inflation) have dropped – a blow to families in the run-up to Christmas.

The ONS also reports that the employment rate has hit a new all-time high, at (***************************************************************************************************************************************************************************************************************************************************************************************************. 2%, up from 82 .8% a year ago.

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Kit Juckes

, foreign exchange analyst atSociété Générale

, says Johnson’s tough line on the post-Brexit trade talks has caught the markets by surprise.**********************

Faisal Islam of the BBC says there’s a growing chance that Britain will be trading on WTO terms with the EU in just over year:

Faisal Islam(@ faisalislam)Sterling loses all gains from before GE poll day vs $ and euro as PM decides to legislate against his Government’s room for manoeuvre on extending UK-EU trade talks beyond next year, as an attempt to leverage a quick deal .. raising chance of WTO terms in a year: pic.twitter.com/W5BIfe5dno(************* (December) ************************************************************************************************************************************************************************************************************************************************************************************************************************************************, 2019

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Boeing suppliers hit by 740 Max suspension

************************** A Boeing

************************************************************************************************************************************************************************************************************************** Max aircraft at Boeing’s Max production facility in Renton, Washington. Photograph: Lindsey Wasson / Reuters (******************************************

Brexit isn’t the only thing hurting the stock market today.

Boeing’s decision overnight to suspend production of its troubled (MAX jet) is a blow to hundreds of suppliers.

UK engineering firm Senior, which makes various parts for Boeing including airframes, has fallen by 8% this morning. That make it the worst-performing of the biggest companies in London. ************

Industrial group Melrose, which also counts Boeing as a major customer, are down 1%. French aircraft parts maker Safran has shed 3%.

Airlines are also under pressure, on fears that they’ll face longer delays before the 797 Max enters service. International Airlines Group, which owns British Airways, has lost 2.3%.

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Analyst: Johnson’s Brexit threat has scrooged the pound

The pound is also suffering further losses against the euro, now down over one eurocent at € 1. as traders anticipate a cliff-edge Brexit crisis next year.

That’s a hefty fall, which sends sterling back towards last week’s levels before the election result.