 Mae bachon tradewyr wedi'i meddwl mewn prydysgrifennol yng ngyfledd panllun i'w Patrick Munley. Mae'n dda'n cael ei gael y gyrwledd panlluniaeth dechrau i'r prydysgrifennol yng ngyfredd Pwg Newydd, yng ngyfredd minnig yng ngyfredd panlluniaeth arall y ffrideg. A ydych chi wedi cael ei gweithio ar y prydysgrifennol yng ngyfredd panlluniaeth, fel y gallwn yng ngyfredd hon i gael ei ddefnydd. A gydig, gallwn i'r prydysgrifennol, Mae'r ffawr yn gwirionedd o'r anhygoel a'r cynhyrchu honno yn mynd yn bellai, mae hwnnw'n gweithio'r hynny, mae yna'n dwylo'r cyffredigol o'r ffau yng nghyrch, oherwydd mae'r Gweithio Europe o'r Llywodraeth. Felly, y newydd ymgyrchu'r cyfan, ymwrddur Cartan, os yn y ddim yn gynnwys yma ar yr ysgrifenau cyfrannu 2022, a yw'n credu bod ychydigodd y cyfrannu cyffredigol yn y cyfrannu cyfrannu. Mae'n tynnu ychydig o'r ganddau, Mae'r bwysig i gweithio'r ystod yn y gweithio a'r gweithio'r gweithio'r economi, sy'n ei, ac mae'r newydd y Prifysgol Llyfrgell yn gyda'r cyflawn y gwaith yng nghymru. Mae'r rhaid i'r perthynau, mae'r ffordd yn gallu'r parw sy'n ymgyrch. Ychydig yn 100% gyflots. Rydych yn ein cyfloson am yr ydydd. Felly, nem yw'r cyfle yw'r cyflosol mewn hynny, yn cael eu bwysig o'r cyflosol, mae'r ffordd yn i gwelltydau. Rydyn ni'n cael ygafodd, ardelfig iawn, allan o'r ysgrifffaeth i dda, sy'n gandau y dyma y mae'r ffordd yn ei modd ar gyfer y Llyfrgell. A gofio'n cael unig bwysig ar yr eich yw'r rhywbeth. Wrth gwrtho'n cyfnod ychydig o'r fforddol i', i'w ddwyf yn ddiddordebch chi'n gweithio'r cyffredinol am gyfnodol a'r cyflwyno'r cyffredinol yma, a'r gweithio'r cyffredinol i'w ddiddordebch chi'n gweithio'r fforddol. Mae'r plan ffyrdd o'r gweithio'n amser oesodol yw yma, oherwydd y mae'r gweithio'r cyffredinol yn cael ei fforddol I hope that the cuts will boost growth sufficiently to make spending measures affordable, rather than being a convincing means of financing them. In the meantime, the budget is set to soar with the fiscal watchdog, the Office for Budget Responsibility. They've been tasked to produce an updated set of forecasts by the end of the year and the Treasury will update its fiscal rules at that time, as things stand at present, the current rules have little credibility and will inevitably be loosened. The OBR's most recent forecasts made in March projecting the deficit to fall from 5.4% of GDP in 2021-22 to 1.1% by fiscal year 2026-2027. We will be doing well if we can be held at that print of 6% for last year. The DMO has increased its guilt and T bill issuance plans now for 72 billion for the remainder of this fiscal year. One thing missing is any mention of windfall tax on energy company profits. Labour Party has been pressing for this, but trust has repeatedly rejected those demands. She's already performed a screening U turn on her initial position vis-à-vis a support package. Let's see how the public finances evolve and how the markets continue to react. I wouldn't rule out a U turn on this as well. Enter the fray, the Bank of England yesterday making an inter-meeting announcement, the BOE announced that it will carry out temporary purchases of long-dated UK government bonds from yesterday in order to restore orderly market conditions. They are expected to complete this process by 14 October. The BOE stated that it stands ready to purchase bonds on whatever scale is necessary and confirmed that the operation is fully indemnified by Her Majesty's Treasury. In response, the NPC agreed to delay the start of active guilt sales until 31 October, originally scheduled to begin on 6 October. However, the NPC's annual target of £80 billion reduction in the stock of guilt is unaffected by the decision. The NPC will not hesitate to change interest rates as much as needed to return inflation to 2%. So what are the main points? Well, the BOE will carry out temporary purchases of long-dated UK government bonds as of yesterday until 14 October. Again, looking to restore orderly market conditions, the BOE stated that it stands ready to purchase bonds on whatever scale is necessary and confirm the operation, like I say, fully indemnified by Her Majesty's Governments. The messaging is really consistent with the message from Governor Bailey's statement released on Monday and Chief Economist Pills' speech, which he came out with on Tuesday, whereby the NPC confirmed that they intend to make a full assessment at the November meeting, but will not hesitate to change interest rates as much as needed to return that inflation level back to 2%. So this highlights the potential again for further inter-meeting announcements and the markets are on watch for that. So what was the market response? Well, we saw a popping guilt, so yields coming off slightly, but in terms of the trend we can see, it's firmly to the downside at the moment, and that reversal we saw yesterday hardly qualifies as a full reversal of this downtrend. Similarly with Sterling, saw a little part, but we're seeing pressure again this morning as markets continue to seek really to test the NPC, I think, and also to test Prime Minister's trust policy, and I think we are, whilst we're trading below 110 in Sterling, focus really has to be on that parity level to the downside. Also UK equities remain under pressure. So it's going to be an interesting period for Sterling over the coming weeks as we see how much markets are prepared to press against this, what is widely characterised as a folly in terms of Government positioning and the government's stance with respect to the mini-budget. And that concludes the presentation today. If you have any questions or comments, please leave those in the box below. Alternatively, feel free to drop me an email patrick.manley at technicalpartners.com and I'll come back to you with any queries you may have. As always traders, plan the trade, trade the plan, and most importantly, manage all risk. Until next time, thanks very much.