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Green shoots for the UK economy?

On Thursday the eagerly anticipated preliminary reading for UK GDP Q1 from the ONS showed that the UK had avoided a dreaded triple-dip recession, for now. Chancellor, George Osborne has been under considerable pressure to change course away from the current path of austerity. Following consecutive readings of poor economic data, criticism from the IMF and a downgrade by Fitch, Osborne has some briefing space. The ONS expect the UK economy to grow by 0.3%, which might be the milestone remembered as one of the first green shoots of economic economy. The better than expected print, led to cable jumping over 100 pips, to trade to its highest price since February.

Analysts now believe that the likelihood of the Bank of England increasing quantitative easing is diminishing, as the economy might begin to pick up without further stimulus. 


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