Hedge fund managers including Crispin Odey are among those profiting from steep falls in sterling and UK government bonds as investors take flight on fears over the sustainability of the country’s public finances.
Odey, founder of Odey Asset Management, has been running short positions — bets on falling prices — against the pound and longer-dated gilts for some time in the belief that the market had badly underestimated how long inflation could stay elevated.
Such bets are now paying off handsomely, as both were hit following chancellor Kwasi Kwarteng’s tax-cutting, high borrowing plan announced last week and his comments over the weekend that further tax cuts could follow.
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