The start of 2024 has proven to be ambivalent for the UK economy. Q1 2024 macroeconomic data showed signs of improved growth, with real gross domestic product (GDP) growth increasing 0.6% in the quarter, the fastest rate in two years, and the UK exiting a recession. However, resilient 5.7% wage growth persisted, with recent tax cuts lowering the likelihood of a rate cut in June. In Q1, the pound stayed largely flat against the dollar at $1.26 GBP/USD. Market consensus is that the Bank o
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