Growth Prospects: Party Conference and Limit Immigration

growth prospects: Traders said the court ruling offered hope that MPs would limit the power of ministers set on a hard Brexit , easing concerns that Britain will be dumped out of the EU without a free trade agreement, harming its growth prospects, according to The Guardian. The pound has tumbled since the Conservative party conference when Theresa May appeared to put plans to limit immigration above remaining in the EU single market. Sterling climbed as much as 1.5% to hit $1.249, its highest level in three weeks, before falling back as uncertainty continued to grip currency markets. Spooked by forecasts that the UK could be pushed back into recession, investors have sold pounds in favour of safer-haven currencies such as the dollar and yen. A monthly survey of services companies gave the pound a further lift on Thursday after it showed that the services sector expanded in October, supporting GDP growth. A run of solid business surveys in the last few days served to put a floor under the pound, but it took the article 50 ruling and the increased likelihood of a soft Brexit to give the currency a solid boost. (news.financializer.com). As reported in the news.