Exchange Rate Update
As of 11:00 am on 18 February 2026, the GBP/CNY exchange rate stood at 1:9.3694, down 0.08% from the previous trading day. The decline followed a rise in the UK unemployment rate, reinforcing expectations of potential interest rate cuts by the Bank of England this year and putting pressure on sterling. Meanwhile, offshore renminbi strengthened against the US dollar, supported by increased foreign allocation to RMB assets.
Major Events This Week
Prime Minister Keir Starmer vows not to resign
King Charles III appears alongside the Prime Minister at Windsor Castle
London records over 40 consecutive days of rain
January first-time buyer share in London released
Manchester’s key rail hub undergoes upgrade
01 Starmer Vows Not to Resign
On 10 February, Prime Minister Keir Starmer stated publicly that he would not step down amid current political pressure and reaffirmed his intention to lead the Labour Party into the next general election. He stressed that his priority remains governance and stability.
The immediate trigger stems from controversy surrounding Lord Peter Mandelson, nominated as UK Ambassador to the United States. Following the release of extensive Epstein-related documents in the US, scrutiny over past associations intensified.
Although Scottish Labour leader Anas Sarwar publicly called on the Prime Minister to consider his position, several cabinet members and senior figures expressed support, urging party unity ahead of upcoming by-elections on 26 February and local elections in May.
02 King and Prime Minister Appear Together
On 11 February, King Charles III and the Queen hosted a reception at Windsor Castle honouring care workers. The Prime Minister and his wife attended. The event marked their first public appearance together following recent developments surrounding newly released Epstein documents.
03 London’s Extended Rainfall
Data from the UK Met Office show that parts of London have experienced over 40 days of rainfall since the beginning of the year, with below-average sunshine hours. The pattern is attributed to persistent Atlantic low-pressure systems. The prolonged wet weather has affected commuting, retail footfall and overall public sentiment.
04 First-Time Buyers Reach Record Share
Market data released on 10 February show first-time buyers accounted for 48.3% of property transactions in London in January 2026, significantly higher than 22.4% a decade ago and marking a record high for the month. Across Great Britain, the share reached 34.3%, the highest January level since 2006.
Average fixed mortgage rates secured by first-time buyers stood at 4.41%, down from 4.86% a year earlier, with 93% obtaining rates below 5%, improving affordability and supporting demand.
05 Manchester Piccadilly Upgrade
Manchester Piccadilly station closed for nine days from 14 February for an £8 million track and signalling upgrade. The project aims to improve reliability and capacity, reducing future delays. Alternative transport arrangements have been coordinated during the works.
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