Leading Indicators | Starmer’s AI legislation and sterling resurgence
16 July 2024
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Here we look at the leading indicators in the world of economics.
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Sterling soars to one-year high against the dollar
Last week, sterling appreciated to $1.30 against the dollar, reaching its highest level since late July 2023. This surge follows a stronger-than-expected recovery in the UK economy, with GDP growing +0.4% m/m in May. Meanwhile, sterling continues to trade at its highest level against the euro since August 2022, currently at €1.19.
UK All Property capital values return to positive growth
UK All Property capital values rose +0.2% in June, marking the highest level since March 2023. This positive growth extends to the Retail (+0.6%) and Industrial (+0.3%) sectors. Meanwhile, Offices remain the only core sector to experience capital value decline (-0.6%)
How businesses are leveraging AI
In the latest ONS BIC Survey, 40.5% of All Businesses reported using AI primarily to enhance their operations. In the upcoming King’s Speech, newly appointed Labour Prime Minister Keir Starmer is expected to introduce an AI bill among the 35 proposed bills. This legislation aims to establish new regulations for the most advanced AI models
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