Cable Claws Back Losses as BoE’s Haldane Touts V-Shape Recovery By Investing.com

© Reuters.

By Yasin Ebrahim

Investing.com – The pound was higher against the dollar after recovering early morning losses on Tuesday when the Bank of England proposed that Britain move towards a stronger one after its worst slump in over 40 years in the first quarter Recovery than expected.

rose 0.74% to $ 1.2385.

Britain's gross domestic product fell 2.2% in the first quarter of 2020, the worst slump since 1979.

Bank of England chief economist Andy Haldane was set for a V-shaped recovery, but described rising unemployment as a growing threat to the recovery. "It's early, but I've read the evidence so far, V," said Haldane.

"Today's unexpected downward revision of GDP came when the pound appeared to be on track against its main competitors for the fourth consecutive year, largely due to concerns about the risk of Britain leaving and becoming a temporary member of the EU internal market at the end of the year Trade shifts to the EU internal market on less favorable WTO terms, "Action Economics said in a report.

The pound has rallied strongly despite little evidence of progress in recent post-Brexit talks.

EU Brexit negotiator Michel Barnier criticized Britain for deciding not to extend the deadline for the transition period ending December 31, and tried to maintain as many benefits as possible for the internal market while it related only showed minor compromises on important sticking points such as a level playing field and security, and fishing.

The same conditions of competition determine what access Great Britain could have after Brexit to the European single market.

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