The pound was given a small lift at the end of the week against a number of major currencies after the Office for National Statistics (ONS) confirmed growth has increased by 0.5% in the quarter which was up from 0.2% compared to the previous quarter.
|Currency Pair||% Change (Month)||Difference on £200,000|
UK manufacturing data also grew at its fastest level in over thirty years, with the ONS suggesting that manufacturers tried to fulfil orders prior to the original deadline of the 29th March.
It appeared as though companies were busy making sure that they would not be impacted by any change and therefore started to stockpile goods just in case the UK left the European Union.
Chancellor Philip Hammond claimed that the UK's economy has grown for nine consecutive years, debt is falling, employment is at a record high and wages are rising at their fastest pace in over a decade.’ All this appears to be good news for the British economy but could this boost simply be short-lived owing to the fear of the UK leaving the EU at the end of March?
The Gross Domestic Product (GDP) data is clearly a welcome boost for the UK but although the economy has showed signs if improvement with the Brexit still looming by the end of October the British economy is far from being out of the woods just yet.
On Tuesday the UK will announce its latest set of UK unemployment data as well as Average Earnings for the last three months. Record low unemployment levels have been one of the shining lights when it comes to the British economy in recent times so another good announcement could see the pound increasing in value tomorrow morning so make sure you keep in close contact with your account manager.
With little other economic data due out in the UK this week the market is likely to be affected by the ongoing Brexit talks between the two parties.
As always, I got an excellent rate. Tom is always helpful and the whole process is extremely quick, efficient and simple.
Tom helped us so much explained every thing and got us a better rate to buy our home in Spain, when we had to pay for furniture went back again and he sorted a rate out for me.
Brilliant service, genuine advice and rapid transfer of money to our French bank account. Tom Holian seems like a friend although we’ve never met!