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Were we banking on exports to pull the UK economy around?

When sterling was at its lowest level, just a few weeks ago, many analysts and economists were suggesting that the eventual increase in exports would to some extent place a base under the UK economy and allow it to stabilise. However, over the last few weeks we have seen the likes of the overall European market decline further, America hit further turbulence and other overseas markets appear to take a turn for the worse. As a consequence, the relative strength in sterling over the last few weeks has, to some extent, shortened the lifespan of the potential export recovery lifeline.

The fact that UK exports are not as attractive to overseas companies and overseas consumers as they were just a few weeks ago, due to a change in the exchange rate, will to some extent reduce what could have been a significant increase in exports in the short to medium term. However, the relative strength of the UK economy, compared to other leading countries around the world, should in due course inject more confidence into the consumer sector and eventually increase domestic demand for products and services.

How ironic that the UK economy has gone from being friendless just a few weeks ago to a much stronger position in the overall worldwide rankings, but will it continue indefinitely?

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