At the end of December 2024, the UK Government and Bank of England held an estimated $58.5 billion of US dollar assets. We think we should divest ourselves of that holding. We think we should do so to reduce exposure to the US administration's volatility, and foreign and economic policy.

Economists say that US tariffs & potential trade wars could cause deep US recession. We think holding USD in foreign currency reserves could expose the UK to their recession. In our view, in foreign policy, the US administration is guided by volatility and caprice, making previous agreements and military commitments unreliable. We think that if other major economies place their US$ on the international markets first, our holding will diminish in value. We think it is both principled and pragmatic to sell our US$ holdings.