The pound continues to strengthen against the euro following threats to eurozone gas supplies.
Sterling has strengthened against the dollar despite the US Federal Reserve’s interest rate-hike decision earlier this week, as the US enters a ‘technical recession’.
In data releases, UK car production has increased, rising to 5.6% with battery electric vehicles (BEVs) at the forefront, suggesting hints of optimism in manufacturing industries, and an end to supply chain problems.
There are indications that consumer optimism may also take a major fall in response to the UK’s soaring inflation rates. Analysts have warned there is ‘worse to come’ as home energy bills could almost double in early 2023. Figures are expected to rise from around £2,000 per year up to a staggering £3,850. This increase adding heavy weight on consumers.
