The BOE’s Megan Greene wrote a column in the FT.

UK consumption recovery lags behind other developed economiesUK savings rate high at 10% vs 5% in the USThree factors damping UK consumption:
Precautionary savings due to cost of living crisisRestrictive monetary policyInterest rate changes impacting household incomesDiscretionary spending remains below pre-pandemic levelsHigher interest rates incentivize savings, delay purchasesHousehold income from interest on savings has increasedFull impact of higher rates on mortgages not yet felt

Cable is at the lows of the day at 1.3004 but that’s being driven by broad US dollar strength.

This article was written by Adam Button at www.forexlive.com.