9 January 2023 - Government changes tack on public sector pay

The Prime Minister, appearing on weekend TV, provided what the head of the Royal College of Nursing called a chink of optimism, by confirming that the Government will meet with the representatives of nurses and ambulance crews to talk about pay. There remains some confusion about whether Sunak was referring to the pay award for this financial year, which has already been put to, and agreed, by the independent pay and rewards body or the next financial year which begins in April. Representatives of nurses confirmed that strike action would only be suspended if the talks include this year’s award. The Government is clearly on the back foot as waves of industrial action sweep through the public sector, with junior doctors and teachers currently going through the balloting process. There are no signs of a thaw in relations with railway workers, who have caused misery and havoc with their strikes, which look set to continue for several weeks and possibly months. Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.