UK economy contracted in November

Hi everyone,

The Pound has fallen sharply today on the back of worse than expected economic data from November and interest rate cut expectations being intensified. 

Figures show the UK economy shrank 0.3% in November with manufacturing production slumping by 1.7%, much worse than the 0.3% expected. There is yet more important data due out this week which will no doubt test Sterling further. 

MPC member Gertjan Vlieghe has told the Financial Times "I really need to see an imminent and significant improvement in the data to justify waiting a little bit longer". Practically saying he will be voting for a rate cut perhaps this month, which follows recent comments made by Governor Carney. This has been the main reason for the Pounds drop across the board. 

Analysts are predicting the nail in the coffin to happen on next weeks PMI figures. So if the data shows a lack of 'bounce', we will see a rate cut this month, which will pull the Pound down further. 


 

 

 

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Dan Waterman
Office Manager

 
 
 


 

 
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