17 March 2023 - Hunt slammed as GDP stagnates

Beyond Currency

After a highly contentious few months of industrial action, it seems that the Government and representatives of nurses and ambulance crews have reached an agreement on pay for the current financial teat and the next, which starts in a couple of weeks. It has been agreed that a one-off payment of a minimum of £1,655 will be made to supplement the pay award in the current year, with a 5% pay rise to follow from April. Both sides agree that this was the best possible offer that was available. It will go a long way to satisfy the nurse's demands, while the Government believes that this is the most the taxpayer could readily afford. The budget remains the topic of severe debate in Westminster, as the Chancellor has been heavily criticized for his comments that there will be no recession this year. Despite the Office of Budget Responsibility confirming that it also believes that the UK will just about manage to avoid a technical recession, several bank’s economists disagree. They feel that Jeremy Hunt has taken advantage of the fact that the country may not see the regulation of two consecutive quarters of economic contraction that means the country is technically in recession, but conditions will be such that in every measurable way, there it will feel like a recession. Beyond Currency Market Commentary: Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.