The GBP hit its highest post-Brexit valuation against the US dollar on 17th April 2018, with a 1.4354 exchange rate, making it the best performing currency of the year so far. This rally was not entirely sustained, following a mixed report on the British labor market.
The pound lost as much as 20% of its value against the dollar in the immediate aftermath of the Brexit referendum. However, the UK economy grew by 1.7% in 2017. This outstripped the International Monetary Fund’s post-Brexit projections.
In just-announced figures, British unemployment dropped to 4.2% in the three months to February. UK wages are currently growing slightly more than inflation, but not by as much as traders and analysts would have liked to see.
All eyes are now on whether the Bank of England will announce a rate hike in May, and there are many Brexit questions that remain unanswered.
If you have questions about your UK pension plans, don’t hesitate to call us on 415-230-5377 or contact one of our pensions advisors.