The Pound has strengthened against all of its most traded peers after the Confederation of British Industry revealed that business sentiment has improved in Britain and that the group have chosen to keep nits forecast for growth to improve over the next few years.
Hopes that the UK’s economic recovery is starting to pick up speed were helped by the Bank of England’s decision last week to leave its quantitative easing plans unchanged after the economy returned to growth in the first quarter of 2013.
The CBI’s forecasts predict that the British economy will expand by 1% this year and 2% in 2014, the same it predicted in February.
“In the conversations I have with business leaders, I’ve been hearing that whilst firms are on a cautious footing, there’s a bit more confidence about the economic outlook,” CBI Director-General John Cridland said at a press conference in London.
“The right way to judge the economy is that it’s moving from flat to growth. The drivers of growth, which are just now beginning to broaden, will broaden further next year, with the year getting off to a positive start, the mood amongst companies growing a little brighter, our outlook remains one of cautious optimism for the U.K. economy.”
Current Pound Sterling (GBP) Exchange Rates
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.5359
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1846
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.5387
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.8506
(As of 10:50am GMT)
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