020 7898 0500Yesterday’s only real piece of economic data came in the form of the CBI industrial trends orders which smashed forecast. From -3 in May, the orders balance had been expected to pick up to +1, but it actually came in at +13. It is the highest reading since January. Still, sterling suffered some losses at the start of the day, as it looked as if Theresa May would face a battle to win the ‘meaningful vote’ amendment.
Ultimately, Dominic Grieve’s accepting of the government’s compromise turned the tables and in the run-up to the vote it was expected that the government would win comfortably. And so it proved. The final hurdle to the EU withdrawal bill has now been overcome.
Today is the aforementioned interest rate decision. More interesting perhaps, will be what sentiments are expressed in the press conference. We will also see the public sector net borrowing figures.
