Research Team at Investec, notes that yesterday saw UK Quarterly GDP growth for Q4 last year was revised up a touch, to +0.6% from +0.5% previously estimated. Key Quotes “For the year 2015 as a whole, growth was also revised up by 0.1pp, to 2.3%, while 2014 growth was confirmed at 2.9%. The big picture here is that the pattern of headline GDP growth remains unchanged, pointing to a sustained, if unspectacular, UK recovery. The data appears to confirm a picture where manufacturers, and exporters more generally, struggled last year. But the all-important (and more domestic facing) service sector grew by 2.7% last year; accounting for the entirety of growth in the economy as a whole. Household spending growth was also a solid 2.8%. Meanwhile, Bank of England lending data, released at the same time, showed a slight tick down in mortgage approvals and lending, albeit by less than expected after a strong January. However, any resulting gain in sterling was likely contained by the news that, in Q4 last year, the current account deficit surged to a record 7% of GDP. While UK PLC looks able to comfortably finance this deficit through borrowing from abroad, this imbalance might be one to watch going forward.” For more information, read our latest forex news.