Sterling and FTSE jump despite downward Q2 GDP revision

Faster-than-expected economic recovery

The FTSE 100 has jumped 2.2% this morning, while sterling has also moved higher despite a downward revision to UK GDP figures, as it was revealed the UK economy has recovered faster than expected.

In its final estimate of Q2 UK GDP growth, the Office for National Statistics has revised the year-on-year GDP growth down from 2.6% to 2.4%. However, sterling moved higher following the news, gaining 0.2% against the US dollar to reach $1.5185, while the FTSE 100 jumped 2.2% in late morning trading. The positive reaction comes as the ONS has revealed that despite the downward revision to GDP, the UK economy has recovered faster from the recession caused by the global financial crisis of 2008 than previously estimated. The ONS also revealed that quarterly growth has held steady at ...