UK’s Shapps: Everyone will have expected a hit to the economy, there will be more to come

The UK Transport Minister Grant Shapps is on the wires now, via Reuters, expressing his take on the GDP numbers.

Shapps said, “everyone will have expected a hit to the economy, there will be more to come.”

Further, he noted that it is “clear we will not go back to a return to austerity to pay for economic measures taken now.”

On lifting of the lockdown, the minister said that “we have to start somewhere,” adding that “there is no perfect way to start easing lockdown, hope people use common sense.”

GBP/USD nears 1.2300

The cable is attempting to regain the 1.2300 level, as the pound got a boost from a smaller-than-expected contraction in the first quarter as well March UK growth data.

At the press time, GBP/USD trades at 1.2290, up 0.27% so far.