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The UK Economy

Published online by Cambridge University Press:  26 March 2020

Marie Sheldon  and
Garry Young
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Extract

Since our last forecast, the level of sterling and its future prospects have changed dramatically, with the effective rate rising by around 10 per cent. Early signs of a shift in sentiment towards sterling could be seen in the Autumn, with the rate against the D-Mark rising from 2.31 at the end of August to 2.46 at the end of October with smaller increases against the other currencies. At that time it was not clear whether the rise would be sustained. Now, towards the end of January, sterling stands at 2.70 against the D-Mark and 1.66 against the dollar, respectively 17 per cent and 6½ per cent higher than at the end of August.

Type
Articles
Information
National Institute Economic Review , Volume 159 , January 1997 , pp. 6 - 27
Copyright
Copyright © 1997 National Institute of Economic and Social Research

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Footnotes

∗

The forecast was compiled using the latest version of the National Institute Domestic Econometric Model. We are grateful to Martin Weale, Florence Hubert and Nigel Pain for helpful comments and discussion. The forecast was completed on January 22 1997.