Sterling rises after UK business activity grows more than expected

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Financial Times 12h ago

Sterling rises after UK business activity grows more than expected - Financial Times

Quick Summary:

The figures pointed to easing inflationary pressures across the private sector and suggested the UK economy would expand at a “reasonably solid” rate of about 0.3 per cent in the third quarter, he added.

GDP growth has rebounded strongly from last year’s recession, according to separate official data, coming in at 0.7 per cent in the first quarter of this year and 0.6 per cent in the second.

UK private sector activity has grown more than expected in August and at the fastest pace in four months, sending the pound to a 13-month high against the dollar and pointing to solid economic growth in the summer.