On Monday the pound slightly fell by 0.1% against the US dollar trading at $1.3694 and the Office for National Statistics (ONS) said in the first quarter Uk economy grew by 0.7%.
Danni Hewson, head of financial analysis at AJ Bell, said: “Confirmation that the UK economy delivered the fastest growth of any G7 country at the start of the year feels almost redundant.
โA mix of tariff woes and tax hikes have created a period of such uncertainty and instability that many businesses have simply pressed pause on their future plans, and in some cases taken the decision to cut labour costs in order to set them up for what might be down the tracks.”
The early growth spurt looks set to be an anomaly rather than the sustained expansion the government needs if itโs to pad treasury coffers without resorting to tax rises or further spending cuts,” she added.
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