26/07/2024
Throughout the day, the British Pound (GBP) experienced a sustained weakening following the release of GDP figures, which confirmed the UK’s entry into recession in the latter part of 2023. Chancellor Jeremy Hunt’s remarks suggested pressure on the Bank of England to address the recession, linking it to a target inflation rate of 2% for potential interest rate adjustments. There are indications of political pressure on Governor Bailey to reduce rates ahead of the elections.