The pound has strengthened against the euro and is volatile against the dollar following record US inflation figures and several UK data releases.
GDP figures reveal that the UK economy grew by 7.5% in 2021. This was the fastest annual growth since the 1940s and made the UK the fastest growing member of the G7 countries last year. However, the UK still remains “middle of the pack” in terms of pandemic recovery having seen a sharper downturn in 2020 than its G7 peers.
Tensions on the Ukrainian border continue to rise with Prime Minister Boris Johnson warning that Europe faces its “biggest security crisis” for decades.
