Pound bounces back against dollar despite further signs that the UK is already in recessionBy Daily Mail City & Finance Reporter Published: 16:50 EST, 23 November 2022 | Updated: 16:50 EST, 23 November 2022
The pound soared to its highest level against the dollar for three months despite further signs that the UK is already in recession.Sterling climbed by as much as two cents to $1.2080, its strongest since August 17. It also rose by a cent to €1.1643 against the euro. That was despite a business survey showing that the economy shrank for a fourth month in a row in November. Recovering: Sterling climbed by as much as two cents to $1.2080, its strongest since August 17It puts Britain on course for a 0.4 per cent decline in GDP for the fourth quarter which – after a 0.2 per cent contraction in the third quarter – would mean that Britain is in recession.Chris Williamson, chief business economist at S&P Global, which conducted the survey, said business sentiment ‘remains among the gloomiest seen over the past quarter century’ amid the cost of living crisis, war in Ukraine and political chaos.Yet the reading of 48.3 in the purchasing managers’ index (PMI) survey – where the 50 mark separates growth from decline – was a little better than expected.
Share or comment on this article:
Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.
POPULAR MONEY SECTIONS
Take me to…