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News Update: The Pound Is On The Rise

Thanks to the better-than-expected performance of the economy last year, the pound has hit its highest level against the Euro in over a year. And according to a report from the Institute of Directors, overall confidence in the economy is the highest it’s been since Boris Johnson’s 2019 election win.

This does not constitute advice and advice should be sought in all instances before acting on it.

Pound performance

Revised numbers from the Office for National Statistics (ONS) reported a faster recovery in the back half of the year.

As a result, pound sterling rose to exchange rate highs of €1.1756 – the strongest it’s been since February 2020. On top of that, the pound also gained an edge against the dollar, rising above $1.38.

Based on Exchange Rate: 31 March 2021

Gross domestic product (GDP) fared marginally better than predicted, falling 9.8% across the entire year, just .01% better than the previous estimate, but still the biggest drop in over three centuries.

It should come as no surprise that the first lockdown of the pandemic hit the economy hard, but the bounce back after the slump was better than previously thought. The success of the vaccine rollout in the UK and measures to aid the recovery effort announced in the Budget will also contribute to a strong recovery in 2021. With all this in place, it seems the business sector is optimistic about the year ahead.

Recovery should help with the rise

Chancellor Rishi Sunak has provided assistance throughout the pandemic with schemes to support incomes and impede mass job losses. Without being able to spend money on some forms of entertainment and certain activities, many people were able to save money during lockdowns.

And once government lockdown restrictions ease on 12th April and people can freely spend in shops again – and fully ease in June, the economy is expected to rebound even more.

What could this rise mean for you?

It seems like the tide might be turning for the UK economy after a year-long rough ride. It’s a good time to review your finances and long-term financial plan to see if there are any ways to take advantage of the pound being on the rise. To get started on your financial review, get in touch with us today.

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