Pound hits six-week high as UK GDP returns to growth in July

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Samuel Fuller, director of Financial Markets Online, says the market reaction shows that expectations for the UK economy have fallen rather low:

“Seldom has stagnation seemed like such an achievement.

“Despite sharp falls in both manufacturing and construction output, Britain’s vast service sector has ridden to the rescue once more – dragging the net position up to zero.

“As a result, the jury remains out on whether the UK is about to enter a recession. The prospect is perilously close but not yet inevitable.

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