020 7898 0500Overnight, Parliament voted on the second reading of the Brexit Bill and it was duly passed. Today the Government is releasing a White Paper that details its objectives in negotiations for leaving the European Union. Rocky times ahead.
With much of the focus on the Parliamentary vote, other news was slightly side-lined. Manufacturing data from the UK revealed the pace of expansion was as expected, albeit just off the pace seen last month. Input costs grew to a record high, which will heighten fears of inflation. A combination of a weak sterling (GBP, pound) and rising raw material costs could have implications moving forward.
Meanwhile the Bank of England’s (BoE) “Super Thursday” happens today. We have the BoE’s quarterly inflation report and interest rate decision, followed by BoE Governor Mark Carney’s press conference. This will give the market an updated forecasts for growth and inflation, as well as clues on the next direction for interest rates.
