UK GDP grows by 0.4 per cent
Mihir Kapadia – CEO and Founder of Sun Global Investments
Sterling has risen on the back of today’s growth report, up 0.25 per cent against the US dollar to $1.317. The City is getting into a more hawkish tone, expecting that the pick-up in growth raises the chances of a UK interest rate rise next month.
The third quarter has been particularly difficult for the UK economy, with inflation ringing 3 per cent while wage growth has been subdued. Consumers are facing an increased squeeze in living standards while the city has been brought to its knees by the increased uncertainty over Brexit proceedings.