Currency exchange dip for sterling

Sterling has experienced a drop in its currency exchange rate against the major currencies. 

The pound fell against the dollar this morning to trade at $1.498 at 08:45 BST. 

Meanwhile, the British currency also took a dip against the euro to stand at €1.191. 

The decline comes ahead of the publication of the latest GDP data for the UK. 

However, the Office for National Statistics has delayed the publication, which has resulted in some concerns among investors, despite economists predictions that the 0.3 per cent growth rate is unlikely to have changed. 

A report conducted by the Institute of Chartered Accountants in England and Wales (ICAEW) and the Centre for Economics and Business Research, heightened apprehension as it revealed that a further £1.13 trillion worth of liabilities could exist beyond the public sector debt figure. 

ICAEW's chief executive, Michael Izza, commented: "While there are important debates to be had about specific spending cuts, I believe that meaningful reform is necessary to underpin sustainable public finances over the long term and create a culture of fiscal responsibility."

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Posted by Eleanor Ward