020 7898 0500It was a quiet day for economic data from the UK yesterday, but reports that the British economy has failed to fully recover from the period of inclement weather we had earlier this year is causing some consternation. It was felt that a recent string of poor economic data releases could largely be attributed to the ‘Beast from the East’, where heavy snowfall caused a slowdown in sectors, including construction and retail.
However, while there are some positive signs of recovery, economists are arguing that recent performances would be much better were it not for lingering fears over Brexit. David Blanchflower, a former Monetary Policy Committee member, suggested that there could even be a case to cut interest rates – a significant move away from what many expected in the first quarter of 2018. The uncertainty looks set to continue for some time and Theresa May’s shaky relationship with some of her party members isn’t exactly helping matters.
Today is another quiet one for the UK, but tomorrow we’ll see consumer confidence for May, as well as the Nationwide housing prices for the same month.
