UK GDP unchanged as Lloyds racks up massive losses

24 February, 2012


This morning’s revised UK GDP figure was unchanged at -0.2% for the fourth quarter last year, in neutral news which did little to help or hinder the Pound. Making more headlines were the Lloyds Banking Group’s £3.5bn loss for the year, showing that the banking crisis is not over just yet.

There is now hope that the UK economy may not dip back into recession in 2012, following recent encouraging data in retail sales and consumption. Sterling has gained slightly across the board in the last couple of days, apart from against the Euro which has itself strengthened after the Greek bailout deal was officially agreed earlier this week.

The next major UK currency news is not due out until we see mortgage approvals and consumer credit on Wednesday.