Cosmos Currency Exchange Ltd

21/09/2026

My thanks to my friend David Solomon for contributing to our guest blog series.

Reaching $5 million, $20 million or even $50 million in annual revenue is a significant achievement for a privately held manufacturing or industrial business. It usually means the company has built something real: a proven product, a reliable customer base, an experienced team and a reputation that

15/09/2026

I have known Tony for some time through our trusted peer network and have always been impressed by his professionalism, knowledge, and positive approach. Tony has extensive expertise in currency exchange and international payments, and as founder of Cosmos Currency Exchange he has established himself as a trusted and respected figure in the industry. He combines technical knowledge with a genuine focus on looking after his clients' best interests. Most importantly, Tony is a person of great integrity, and someone whose judgement and professionalism I hold in high regard. I would have no hesitation whatsoever in recommending him to businesses and individuals who require foreign exchange expertise and first-class service.

I have known Tony for some time through our trusted peer network and have always been impressed by his professionalism, knowledge, and positive approach. Tony has extensive expertise in currency exchange and international payments, and as founder of Cosmos Currency Exchange he has established himsel...

14/09/2026

Forget Brexit: Why Energy Prices, Gilt Yields and the EU Reset Are the Real Threat to Britain's Economy

Britain's problem is not Brexit but the price of everything, above all, energy.

Energy bills are heading up again. The North Sea sits half-licensed while ministers dither over Jackdaw and Rosebank. Andy Burnham is trying to sell an EU "reset" with a price tag running into the billions. And gilt yields are sitting at levels we haven't seen in nearly two decades. None of these things happened by accident, and none of them happened in isolation.

Start with energy, because it's the one that actually explains the stagnation better than the referendum ever did. British industry has paid some of the highest electricity prices in the developed world for years, not because of the 2016 referendum vote, but because of two decades of policy that piled subsidy on top of tax on top of regulation, while doing precisely nothing to make gas and oil cheaper to produce here at home. Blaming Brexit for that is politically convenient but analytically lazy. Germany has the same stagnation problem and never left anything.

Britain's problem is not Brexit but the price of everything, above all, energy. Energy bills are heading up again.

08/09/2026

Tony Redondo, the founder of the foreign exchange service Cosmos Currency Exchange, said: “The burden falls on parents who were never taught this stuff themselves.

“Expecting hard-pressed parents to build resilience in their children without proper tools or a solid school baseline just recycles anxiety and low capability down the generations.”

New research suggests that many of us feel we don’t know how to help our children become financially literate — can schools step in to help?

07/09/2026

The OECD (Organisation for Economic Co-operation and Development) reckons governments and corporations worldwide will borrow $21 trillion from global bond markets in 2026. That's $21,000,000,000,000.00, $5 trillion more than 2024, and double what was borrowed just ten years ago.

For perspective: a million seconds is roughly a week and a half; a billion seconds spans over 31 years; and a trillion seconds reaches back 31,688 years, predating recorded civilisation.

What worries me even more than the sheer scale is the direction of travel. The OECD forecasts that some 50% of that $21 trillion will go purely to refinancing existing debt. Governments almost never repay the principal. When a bond matures, they simply issue another to redeem the first, then bor-row even more to cover the current deficit and the interest run up by previous administrations.

The whole system holds together only for as long as investors are willing to keep rolling the debt for-ward.

To be clear, $21 trillion is this year's annual borrowing alone, not total outstanding debt. Sovereign and corporate bond markets combined already sit at roughly $115 trillion.

The OECD notes that 30-year yields have climbed sharply across most countries since 2022, push-ing governments and companies toward shorter-dated debt. This lowers the amount of interest payable in the short run but forces borrowers back to market far more frequently. Issue a 30-year gilt and you're insulated from near-term rate moves. Roll short-dated debt instead and you're back at the mercy of whatever the market demands, again and again. A 1% rise looks trivial on paper but applied across trillions in recurring issuance, it swallows hundreds of billions that have to come from somewhere: higher taxes, thinner services, inflation, or yet more borrowing.

Meanwhile the BoE (Bank of England) is running down its own gilt holdings, QT (quantitative tight-ening), the hangover from years of QE (Quantitative Easing). As the BoE steps back, hedge funds, pension funds and foreign investors are left to absorb the growing supply. These buyers are far more sensitive to inflation and political risk, and they'll price that in or walk.

The OECD's advice to member governments is to secure "long-term sustainability." Politicians, watching the polls, thinking in electoral cycles won't touch spending until the bond market forces their hand. Every line of expenditure has a constituency; every reform threatens someone's seat. So instead, they'll raise taxes, lean on the markets, adjust the accounting rules, and blame specula-tors, anything but take responsibility.

Which brings us to this week. UK borrowing costs have risen at one of the fastest paces globally, hitting an 18-year high amid a broader bond rout, piling pressure on Chancellor John Healey ahead of his first budget, the government's third, due on 28 October. The 10-year gilt yield hit 5.2944% on Wednesday, its steepest rise since May. The 20-year cost of borrowing is now at its highest since 1998, a clear signal of market stress. Under normal conditions, short-dated yields run below long-dated ones.

Andy Burnham's £100bn Tax Plan: Inside the Prosperity 2030 Reforms - Cosmos Currency Ex-change

Lord O'Neill, the former Goldman Sachs economist who turned down a role in Andy Burnham's government said the tone of the Prime Minister's debut speech on Tuesday was the last thing inves-tors wanted to hear.

Higher borrowing costs eat directly into what Burnham and Healey can spend without raising taxes or breaking the fiscal rules left by predecessor Rachel Reeves. Ruth Gregory at Capital Economics puts the damage at £9bn wiped off the Budget headroom, down from nearly £24bn at the spring statement to around £15bn now. Her view is that Healey may be walking straight into the same headroom trap Reeves faced, needing £9bn–£14bn in cuts or tax rises just to restore credibility.

David Aikman at the respected NIESR (National Institute of Economic and Social Research) made the underlying point plainly. Years of heavy borrowing have left Britain exposed to exactly this kind of shock in global markets.

05/09/2026 by Tony Redondo The OECD (Organisation for Economic Co-operation and Development) reckons governments and corporations worldwide will borrow $21 trillion from global bond markets in 2026. That’s $21,000,000,000,000.00, $5 trillion more than 2024, and double what was borrowed just ten ye...

03/09/2026

Tony Redondo, founder of Newquay-based Cosmos Currency Exchange, said the Bank of England was between a rock and a hard place.

He added: "Rising UK gilt yields are a double-edged sword for the Pound. At first, they boost Sterling's appeal, a fatter carry-trade return over rival currencies. But soon markets ask why yields are climbing: borrowing costs rising as investors fret over debt sustainability, with the UK's debt pile racing toward £3 trillion.

"That leaves the Bank of England boxed in; raise rates to choke off the inflationary wave from Brent crude above $95 or hold rates down to protect growth. My money's on Sterling grinding lower, toward $1.30 and €1.13 ahead of the 28 October Budget, as fiscal deficits erode investor confidence.

"For consumers, a weaker Pound means pricier holidays abroad and imported inflation with higher supermarket bills, fuel costs, and goods prices. Elevated yields also lift swap rates, pushing fixed mortgage pricing higher. Anyone with confirmed overseas costs should buy currency in tranches now, hedging against further falls without gambling on timing."

Experts have given their take on where the Pound is

01/09/2026

Economists are urging the BoE (Bank of England) to halt its costly approach to unwinding QE (quantitative easing), as the process is stoking the government's borrowing costs and costing taxpayers billions, with borrowing costs hovering near multi-decade highs.

The government's long-term borrowing costs have climbed to levels not seen this century, driven by unease over the UK's fiscal path and the inflationary fallout from the Iran war. The 30-year gilt yield hit its highest level since 1998 in July, while 10-year yields remain close to the post-financial-crisis high of 5.179% struck in May.

Economists are urging the BoE (Bank of England) to halt its costly approach to unwinding QE (quantitative easing), as the process is stoking the government's borrowing costs and costing taxpayers billions, with borrowing costs hovering near multi-decade highs. The government's long-term borrowing co

26/08/2026

Tony Redondo, Founder at Newquay-based Cosmos Currency Exchange, pointed the finger firmly at Labour: “As Chancellor Denis Healey said back in the 1970s, “we will squeeze them until the pips squeak”.

“Labour’s first two budgets have piled £66bn of extra tax on business, largely landing on employers, and it shows: job vacancies have fallen to 707,000, a level unseen outside the pandemic since late 2014.”

Redondo added that for many firms these days, “the maths simply doesn’t work”.

UK job vacancies fell in the latest quarter as small businesses put hiring on hold,...

25/08/2026

Currency Alert – GBPEUR – 25.08.2026

The Pound has risen half a cent since 20 August against the Euro and stands just 0.26% away from the peak of 16 August.
Looking forward to September, which is one week away, the following come into view: -

- Parliament returns on 3 September. Burnham has led a charmed life to date after replacing Starmer on 20 July, with Parliament in recess. The political heat and light will rise a few notches. That is rarely a good support for the Pound.

- Burnham is hinting at fresh tax rises. Tax rise fears could chill businesses and households ahead of the Autumn budget.

- Speculation will inevitably rise leading up to the 28 October Budget.

- Gilt yields remain highly elevated. The benchmark 10-year gilt (bonds are known as gilts in the UK markets) remains close to its highest levels since the mid 2000’s on concerns over structural inflation, fiscal supply/issuance, and real interest rates in the UK, and the 30-year gilt yield remains higher than the 10-year and far above the 2010s on growing concerns over the UK's long-term fiscal sustainability.

Shreyas Gopal, Strategist at Deutsche Bank, commented: "It is likely that headlines around the size of the UK's fiscal hole, its fiscal rules, and potential need for tax rises return later this summer".

The risk for the Pound is that UK households and businesses become more defensive as headlines of higher taxes increase in tempo in the coming weeks. This could easily weigh on economic activity and prompt the financial markets to rebuild a fiscal premium in UK debt markets, forcing the Pound to come under more pressure.

In conclusion, the Pound has enjoyed a calmer than initially expected summer, and remains supported, for now.