Pension Transfer Abroad,QROPS and QNUPS

Sterling stepped back from a one month high against the US dollar on Fridayafter what had been a positive week for the UK currency. The positive effectsof improved UK data and improved risk appetite eased late on Friday withtraders becoming more cautious ahead of this weeks emergency budget andthe first round of fiscal cuts.Earlier on Friday the pound had continued to rally after risk appetite hadcontinued to improve following 5 straight days of gains for European stocks.Sterling had also been supported after data released showed Britain's budgetdeficit came in lower than expected in May. By mid afternoon sterling hadrelinquished its gains to trade flat on the day with analysts very cautious overthe sustainability of this months 2 percent rally ahead of the budget this week.Following Thursdays’ improved retail sales and also the news that Britain’sbudget deficit is slightly improved, we are starting to see signs that the worstfor the UK economy may be over. However, there may still be tough timesahead with George Osborne putting the finishing touches to his first budget,released on Tuesday, which is fully expected to feature heavy spending cutsand tax increases.In other news last week there may be signs that Britain’s credit conditionsmay be easing slightly with news that lending to UK firms contracted at aslower pace in April and major banks approved more mortgages in May,according to figures from the Bank of England.Against the euro the pound was little changed following a fairly range boundweek. The significant resistance of 1.20 yet again proved too much of abarrier for sterling with the euro, despite their ongoing problems, holding firmin the late 1.19’s.The week ahead brings a quiet day today with markets looking ahead totomorrow’s budget, with caution being the key theme with analysts andinvestors. Also tomorrow are the bank of England minutes from their lastmeeting. This is followed later in the week by US interest rate decision