Economy grows by 0.5% in first quarter

This morning's GDP figures showed a 0.5% growth in the UK economy in the first 3 months of 2011.

The growth cancels out the contraction seen at the end of 2010, but means the UK economy has effectively not grown in 6 months.

While the numbers are nothing exciting in terms of the recovery, some analysts expected worse, so the Pound has taken a little strength from the news, gaining around a cent against both the USD and Euro.

Rates for buying US Dollars are now at their best since November 2009.