020 7898 0500Economic data was light today as we approach another bank holiday weekend and end of the month. In the absence of economic data, we had the final Prime Minister’s Questions before the general election.
Theresa May and Jeremy Corbyn went head to head before the UK heads to the ballot box on 7 June. May claimed a win for Labour would mean a ‘chaotic Brexit’, while Labour leader Corbyn said the Tories were ‘strong against the weak and weak against the strong.’
May repeatedly refused to directly answer whether the commitment to the state pension’s ‘triple lock’ (which featured in the Conservatives’ last general election manifesto) would be upheld. The triple lock guarantees that pensions rise by the same amount as average earnings, the consumer price index or 2.5% – whichever is the highest.
What is becoming clear is that the general public will be faced with many more decisions in the weeks leading up to the election – and not just those centred around Brexit. The last year or so has felt like one vote after another, and this shows no sign of abating anytime soon. This could ultimately lead to further volatility for sterling.
As we approach the first reading of Q1 GDP on Friday, we have another day of light data today, meaning politics will continue to take centre stage. The CBI realised sales numbers, which are based on a survey of about 125 retail and wholesale companies, will be released later today.
