UK PM Johnson: There will be some bumpy times but we are resilient

Dhwani Mehta FXStreet

Speaking in an interview on Times Radio, the UK Prime Minister (PM) Boris Johnson commented on the economic outlook while adding that economy stands resilient to this coronavirus crisis.

Key quotes

“This is going to be tough to come through this.”

“We have seen a big fall in GDP.”

“There will be some bumpy times but we are resilient.”

“Government will remain engaged with people and businesses to help them get through this.”

“We cannot just step back now.“

“We will double down on our initial agenda on investment on infrastructure, education and technology.”

“On the bill for all of that: this is the time to invest.”

“We have to be careful obviously (of the cost) but in the end what you cannot do is go back to austerity.”

“That would be a mistake.”

“This is the moment for a Rooseveltian approach to the UK.”

Market reaction

GBP/USD is fading the bounce to 1.2390 and now looks to retest the monthly lows of 1.2315. Although the above comments fail to have any impact on the pound, as all eyes remain on the EU-UK Brexit negotiations.

At the press time, GBP/USD adds 0.30% to trade at 1.2370.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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