Cabinet Minister Gove has said that progress has been made during the most recent round of post-Brexit trade negotiations with the EU but has advised that the UK will be leaving both the single market and customs union regardless of the type of agreement they reach. A report released over the weekend in the Telegraph suggests that Chancellor Sunak will be introducing tax cuts and will create 10 ‘freeports’ within the first year of leaving the EU in order to stimulate economic growth. Overall, the Pound has kept the majority of its gains against both the Euro and the Dollar.

On Friday, both French and Italian industrial production figures came out better than expected which gave the Euro some support against the Dollar. Ratings agency Fitch has left Italy at a BBB- level confirming that they see the Italian economy as having a stable outlook. German Chancellor Merkel will meet Spanish Prime Minister Sanchez on Tuesday to discuss the proposed EU recovery fund and their respective positions on the matter. Brussels has put forward their proposal for a €5 billion fund aimed at helping EU countries cope with the economic shock of Brexit.

Florida saw the single highest number of coronavirus cases for any state yesterday with an increase of 15,299 cases. However, the number of positive coronavirus tests has fallen to 11.25% compared to 18.35% on Thursday. FOMC member Kaplan believes that the US economy will decline by 4.5-5.0% overall in 2020, but foresees that Q3 and Q4 of this year will show some growth. He also suggested that if everyone wore face masks then the economy will experience growth sooner. The IMF has mentioned that it is better for governments to avoid cutting their current fiscal measures as doing so would be more of a concern compared to their rising debt levels.