Three months ago the pound was worth fractionally less than
Much of the rise has come in the last two weeks and can be attributed to a honking horn from the European central bank that signalled cheaper money for the eurozone. The
While it was clear that ECB boss
Maybe the stronger than expected jobs figures last week influenced his view. After a year in which self-employment accounted for almost half of all new jobs, the last three months have shown employers recruiting in big numbers for more typical full-time roles. That said, wages growth is half the rate of inflation, which is the perfect excuse for sticking to a consistent line.
There is a view inside
Policymakers fear this outcome, but in the past have failed to put on the brakes, with each period of high exchange rates over recent decades resulting in a sharp decline in manufacturing output and employment. Draghi was doing his best to maintain a fall in the euro's value with his interest rate cuts.
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