Pound Sterling Rises on Revised UK GDP Figures

The British Pound strengthened on Wednesday morning after revised UK figures showed the economy grew 0.5% in the second quarter, up from an initial estimate of 0.4%

The GBP/USD exchange rate traded at 1.3265, up 0.26% on the day, while the GBP/EUR gained 0.23% to 1.1693

Pantheon Macroeconomics believes that consumers are doing more than just smoothing through higher energy prices and borrowing costs, with interest rates providing relatively little restraint

This assessment is important for Sterling because resilient spending could make it harder for the Bank of England to bring inflation under control, supporting the case for keeping policy restrictive