The pound received a boost against the euro yesterday, strengthening around 1% following news that Russia will be sanctioning European energy companies, including a key Polish pipeline. Against the dollar, sterling remains weaker.
Bank of England Deputy Governor Dave Ramsden has expressed concerns of prolonged higher inflation. Pressure is now mounting on the government to introduce an emergency summer mini-budget after a surprise economic contraction in March triggered fears of a recession.
It is a quiet day for UK data today with the next big release happening on Tuesday when unemployment figures will be revealed.
