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The government just announced tax-cuts backed by borrowing, so likely to increase inflation even further.

But isn’t inflation usually an effect that happens after such an event, rather than something that’s being speculated on?

Unless large institutions decided to sell their pounds, but that has to be a huge supply of pounds to make such an impact.

If you can reasonably expect something to be worth less in the future after new information emerges, wouldn't you sell it and buy something else?

People with money don’t wait for it to become worthless…