Sterling looks “vulnerable” to further falls and the looming recession could have “serious” effects on British society, according to the hedge fund firm of billionaire trader Chris Rokos.
Rokos Capital Management, which manages around $14.5bn in assets, told its investors that the UK had suffered a bigger shock to its terms of trade than other developed countries because of the impact of Brexit, deglobalisation and the coronavirus pandemic.
Such a deterioration, which puts pressure on an already yawning current account deficit and can fuel inflation, made it harder for policymakers to control consumer price growth, the firm wrote in a letter seen by the Financial Times.
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