On a visit to Warsaw yesterday, the Prime Minister announced a commitment for the UK to increase defence spending to 2.5% of GDP by 2030. This is a significant undertaking that will see the country spend several billion pounds to ensure that it can both defend itself adequately and provide support, as has been seen recently in nations like Ukraine.It would be cynical to say that the announcement was part of the Conservative Party’s election strategy. Still, it begs the question of which of the major parties is most committed to the safety of the country, as the geopolitical situation around the world has been at its most critical since the end of the Cold War.By comparison, the Opposition has also pledged to raise defence spending to the same level, but only when the country’s finances allow. Although the commitment is similar, it carries less weight than yesterday’s undertaking by Rishi Sunak.The Bank of England’s Chief Economist, Huw Pill, spoke yesterday of his view that a cut in interest rates is still “some way off”.He agreed that the recent absence of “bad news” had brought a cut in rates closer, there is still more risk to the economy from a cut which becomes considered to have been premature, than delaying until the MPC can be confident that inflation is truly under control.Beyond Currency Market Commentary:Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.