The UK continues to be front and centre of a lot of the market’s attention as Kwarteng’s fiscal package and the landscape of future policy strategies start to slowly unravel. Obviously, yesterday started with the u-turn on the scrapping of the top tier of income tax which, given its cost was only £2bn, was small fry in the overall scheme of things but the u-turn was a significant climbdown. It beggars belief that anyone thought that this was a good idea but just shows how out of touch the government is. Anyway Kwarteng’s subsequent conference speech added nothing new in substance although his “little turbulence” comment re the markets is getting a lot of press time today.