Read the story here. Advertise at Before It's News here.
Profile image
By Pound Sterling Forecast (Reporter)
Contributor profile | More stories
Story Views
Last hour:
Last 24 hours:

GBPEUR Flat Despite UK GDP Improvement

% of readers think this story is Fact. Add your two cents.

The GBPEUR rate was quiet in early Friday trading despite the UK beating its estimates for preliminary GDP for the fourth quarter.

GBPEUR is trading at 1.1380 as traders are still undecided about the 1.1500 and 1.1300 levels.

UK Growth Doubles Analyst Estimates

The British economy grew 1% in the final quarter of 2020 according to preliminary data. Analysts had expected a gain of 0.5% so the number will be a boost for sterling as the country hopes for an end to lockdowns in March.

The monthly figure for December was also better than analysts had predicted, with a gain of 1.2%, over the 1% projections. The country was already heading for the strict lockdowns in the month and growth was hampered.

Bank of England economists predicted a healthy rebound for the economy in the second quarter of 2021 then the country releases the shackles of virus lockdowns. The bank also saw the UK returning to pre-virus economic growth in March of next year.

Despite the beat on estimates, the economy still saw “the largest annual fall in UK GDP on record,” in 2021, according to the Office for National Statistics. Chancellor Rishi Sunak will release the second budget of his tenure on March 4th and will try to re-invigorate the economy for the rest of the year.

Johnson Under Pressure to Confirm Opening

Boris Johnson was under pressure to confirm that he is still planning to open the economy, with March 8th being the target date. The move comes as Government scientists warned that restrictions may have to continue for months. Downing Street has said there was “categorically no change” to the Prime Minister’s plans and the reopening of schools should begin on March 8th.

Outdoor exercise rules are expected to be eased at this stage and the plans will also lay out a timetable for opening non-essential shops and then start the process with all businesses.

Conservative MP Steve Baker urged Boris Johnson to reject calls from scientists to push the rules out further. Mr Baker said: “Having a full public debate is essential at this time but I fear senior scientists are failing to recognise their power to spread despair and despondency. Some seem to be floating untested hypotheses in the media. Doing so is not science.”

His comments came as SAGE were spreading fear again about reopening, with John Edmunds, a member of the committee, warning that moving to open schools in March could see the so-called R-number rising again.

The comments from scientists seem to ignore the progress on vaccinations as the UK should have its vulnerable age groups largely vaccinated in March. The March 8th timetable for opening comes around the time of the budget and this will be an important couple of weeks for the path of the pound to euro exchange rate. If you have an upcoming currency exchange and would like to discuss these factors in further detail feel free to get in touch using the form below.

The post GBPEUR Flat Despite UK GDP Improvement appeared first on Pound Sterling Forecast.


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Load more ...




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.