GDP has grown only 0.3 per cent in 2017 thus far, 0.7 per cent down from the last months of 2016.
The British high street has been hit, particularly in the hospitality sector, with output from hotels and restaurants falling 0.5 per cent.
Today’s exchange rate is better news, as Pound Sterling started May on a high after a turbulent month and the hope is this will continue.
The pound was high against the euro in the first few days of May despite turbulence thanks to the French election.
There is more positive economic news to look forward to thanks to unexpected growth in the UK manufacturing sector had given the pound a boost yesterday.
The market manufacturing PMI had been expected to slide from 54.2 to 54, but it actually jumped to 57.3 – a three-year high.
The report helped the GBP/EUR exchange rate return to trading above €1.18. Perhaps this boost is likely to help to the UK economy to grow in future months.
However, some have warned that the pound could take a tumble thanks to the current election in France, the outcome of which will come on Sunday.
The first round of the French presidential election saw the euro surge, and there is a possibility the pound may be affected negatively again in the run up to the French presidential run-off.
The pound finished April on a high and consumers are encouraged to act to get the best rates on their travel money.
The pound to euro exchange rate finished April at 1.18846 having been as low as 1.1841 earlier in the month.
With political uncertainty across Europe, the pound the euro exchange rate faces a turbulent summer.
