Strong pound contributes to UK import growth as UK economic growth slows

According to the ONS UK Imports are slowing UK economic growth

The ONS (Office for National Statistics) has revealed that the strong pound is contributing to an increase in UK imports in 2015, and UK exporters are finding it harder in overseas markets, leading to a 'slowing-down' of UK economic growth.

As reported in the Independent, the trend looks as though it will continue throughout the year, as the pound reached new recent highs against many currencies and the UK demand for imports looking set to rise.

It is good news for UK importers, as the strength of the UK currency currently means imported goods are as attractive as ever. The UK economy, while growing, must deal with the rise in imports, and the effect of this rise is reflected in this slower GDP growth.

“The economy is being driven again by consumers. The unbalanced pattern of growth is likely to result in a slower expansion of GDP in 2015 than expected.”
— Chris Williamson, Chief Economist at financial data firm Markit (source: Independent)