UK Budget Statement Boosts GBP Exchange Rates

Chancellor George Osborne released his latest plans for economic recovery in Parliament today and admitted borrowing costs would go up as growth forecasts were revised down.  There were a number of measures included in the speech and I wont bore you with them all here but the impact was fairly positive on the pound as it was well received by the markets.  sterling went back through 1.17 against the Euro and rose nearly 1.5 cents against the Dollar.  In my view it is the sort of spike for the pound that should be taken advantage of as I don’t see too many positives on the horizon for the pound and it remains vulnerable to less favourable data releases just as winter is beginning to bite!