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Flash: UK needs Europe and vice versa – Investec

FXstreet.com (Barcelona) - Yesterday first quarter UK GDP was left unrevised at the second estimate remaining at 0.3%, in line with market expectations.

The details of the report showed household consumption expanded at its slowest rate since Q3 2011 although it does represent the sixth consecutive quarter of growth in the data. The poor retail sales figures released on Wednesday does little to quell fears that consumer spending is not improving as much as desired. According to Lee McDarby, Corporate Treasury at Investec, “Although the figures have been volatile over recent months and the data may have been affected by the bout of cold weather, Wednesday’s drop of 1.3% does little to suggest this element of GDP is likely to improve much in Q2.”

In an effort to counter the calls from some Conservative MP’s that the UK should leave the European Union, European Central Bank president Mario Draghi took it upon himself to comment on the situation demonstrating some unease about the effects that might arise from a British exit from the EU. Draghi said ‘Europe needs a more European UK as much as the UK needs a British Europe.’

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