Pound rises as shoppers keep the UK economy afloat despite Brexit uncertainty

Pound rises as shoppers keep the UK economy afloat despite Brexit uncertainty

The pound rose on Friday as the UK economy kept up with expectations, but uncertainty still hovered over the markets after a rough week.

The pound was stronger on the back of the latest UK economic data, which confirmed growth during the third quarter was 0.6 per cent, although business investment is crumbling as firms are spooked by Brexit.

Sterling was 0.53 per cent higher against the euro at 1.111 and up 0.13 per cent on the dollar at 1.267.

Economic uncertainty as the UK prepares to leave the EU dragged consumer confidence to a five-year low, data released on Friday revealed, but cash-strapped shoppers are still spending.

Official figures showed that consumer spending accounted for almost all of the growth in the economy over the three months to September.

Source: https://www.independent.co.uk/news/business/news/pound-sterling-rises-exchange-rate-shoppers-uk-economy-despite-brexit-uncertainty-a8695321.html

 

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