020 7898 0500The only economic data release for the UK yesterday was the GfK consumer confidence index reading, which lost one point to hit -10 in February 2018. This was in line with market expectations. On the currency markets, sterling lost ground against the dollar and euro.
However, politics dominated the headlines, with several Brexit-related pieces hitting the newswire. In addition to the aforementioned comments made by John Major, May used PMQs to insist that she and Boris Johnson were in agreement about rejecting a hard border in Ireland. This appears to be at odds with what the Foreign Secretary has been reported as privately suggesting and perhaps it is telling that he failed to appear in the House of Commons to answer an urgent question relating to that. May appears to be stuck in a bit of a catch-22 at the moment; it appears to be impossible to please everyone irrespective of what she does. The uncertainty continues.
There was also some disappointing news, as we learned that electrical goods chain Maplin has fallen into administration. PwC have taken control and are now looking for a buyer for some, or all, of the company, but they did say that Maplin has been hit hard by a fall in consumer spending and the sharp slump in the value of sterling since the Brexit vote. Toys R Us has also fallen into administration which, along with Maplin, threatens 5,500 high street jobs.
Today we have the Nationwide housing prices, manufacturing PMI and mortgage approvals.
