Yesterday the budget was announced by Chancellor George Osborne and as per the expectations it was a budget of growth and as a result we have seen Sterling strengthen against a number of major currencies. One of the major points from the day yesterday was that the Office of Budgetary Responsibility (OBR) claimed that the UK will avoid recession revising their growth up from 0.7% to 0.8% which has provided some much needed confidence for the ailing UK economy.
In order to help boost business in the UK corporation tax has been cut and personal tax allowance has been raised. The news from the budget will continue to be digested by the currency markets and so we could continue to see some knock on effects over the next couple of days. So, if you need to transfer money internationally and are looking for the exceptional exchange rates speak to one of our experienced currency brokers today so they can keep you informed of any further movement in the currency markets.
Later today in Europe we see the Purchasing Managers Index which will give an insight into the performance of the manufacturing sector in the single currency economy while in the UK retail sales are released showing how the British high street is performing which will be closely watched for an indication if the OBR’s prediction of avoiding recession is to be correct. Speak to us today to find out more on 0800 328 5884 or email firstname.lastname@example.org.