12.09.202506:51:52UTC+00British Pound Hovers at $1.35

The British pound remained steady around $1.35, maintaining its position from the previous week, following new economic data that pointed to a sluggish start to the third quarter. As anticipated, GDP showed no growth in July. However, industrial production experienced an unexpected decline of 0.9%, indicating that recent tax hikes and tariffs are burdening households and businesses. This news comes as Chancellor of the Exchequer Rachel Reeves plans to introduce additional tax increases in November to address a significant budget shortfall. The Bank of England is scheduled to decide on monetary policy next week, with no adjustments in interest rates expected after the reduction in August. Focus is turning towards the central bank’s November 6 meeting, which occurs just before the budget announcement, where many market analysts continue to anticipate another potential rate cut.