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FTSE held back by Shell profit warning
by Chris Marshall on Jan 17, 2014 at 09:39
Pound shoots up as retail sales soar
The pound was the stand-out winner on currency markets after UK retails sales surged in December. Sterling jumped 0.5% higher to $1.6434 after the official numbers showing monthly growth of 2.6% in December. That's 5.3% higher than December 2012.
Small stores showed higher growth than their larger competitors, the Office for National Statistics reported.
Alan Clarke, an economist at Scotiabank, summed up: 'This is not about to propel GDP up to above 1% in Q4 - nonetheless it is a helpful outcome in the face of the dive in construction last week.'
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As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
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