14 April 2023 - Strikes drag economy to a standstill
The UK economy stagnated in February as the country had zero growth for the month which led to a rise of just 0.1% in the year to date. The reason for this lack of growth is mostly due to the strikes which have been called in several public sectors of the economy. The latest strike by junior doctors which has seen a four-day walkout this week looks to be the most contentious. Nurses and train drivers have accepted offers recently. After monthly growth of 0.4% in January, the economy had been expected to post further growth and the zero number disappointed the markets. Chancellor of the Exchequer, Jeremy Hunt has been accused of painting an overly optimistic view of the economy recently. He commented recently that the economy is faring better than expected, continuing weak data. Andrew Bailey, the Governor of the Bank of England, speaking at the meeting of the IMF in Washington, asserted that the UK financial system is robust, and he is not expecting any further contagion from the recent turmoil. Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.