Business · 16 July 2026

Pound holds two-month high after unexpected finance minister pick

Sterling held close to its strongest level since May 12 after reports Andy Burnham is expected to choose Shabana Mahmood, not Ed Miliband, as finance minister. Britain’s economy grew only slightly in May, with services expanding while other sectors shrank, pointing to fragile business confidence. The pound traded at $1.3533, while the euro rose 0.13% to 84.79 pence.

By BriefTea Editorial · 16 July 2026 at 11:57

Reported by Reuters · How we write briefs

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