15 May 2023 - Hunt is still concerned about inflation
Although the UK’s economic performance in the first quarter was nothing to write home about, it was still far better than was forecast just a few months ago. Q1 GDP grew overall by 0.1%. Construction, which has seen a significant rebound recently grew by 0.7% while the services sector, the major engine for growth in the country grew by 0.5%. Despite this improvement, the economy is still 0.55% smaller than it was pre-Covid, making it the only country in G7 that is yet to achieve its pre-Pandemic peak. Month-on-month the economy grew in January and February but fell back in March as strikes by railway workers and NHS staff bit into performance. Even the launch of the new registration in March failed to provide its usual annual boost to the automotive market, with new car registrations at historic lows. 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.