Osborne Announces Autumn Statement – GBP Exchange Rates

This morning Chancellor George Osborne has announced this year’s Autumn budget and has stated that the UK economy is growing faster than all other major economies stating their growth forecast had doubled. With so much recent positive economic news for the UK it was not a surprise to hear the Chancellor re-confirming the improvement in the overall outlook for the country, however Mr Osborne did state that despite the improvement the job was not yet done. Also included in the speech was the news that the Government will invest another £375bn into the UK’s infrastructure through a number of schemes for transport, communication, energy and water projects. Mr Osborne also stated that millions of people are likely to have to work longer raising the pension age up to 68 with a possibility of it rising to 69! While the announcement this morning has largely been a re-enforcement of the recent positive news it has not had a big impact on Sterling exchange rates with Sterling Euro now only just over the 1.20 level and Sterling Dollar exchange rates down around the 1.63 mark. This just highlights how quickly the currency markets can move and how important it is to make ths most of any spikes should you need to transfer funds internationally.

Later on this morning we have the Bank of England and European Central Bank interest rate decisions making today a very busy day in the currency markets. So, if you want to stay informed of all the latest currency news make sure you speak with one of our experienced and helpful currency brokers today so they can review your currency requirements and the impact of todays key economic data. You can call straight through to our trading floor for free on 0800 328 5884 or if calling from abroad on 0044 1494 725353 or alternatively email me on trh@currencies.co.uk