Yesterday, the World Economic Forum released a report into global competitiveness which showed that the UK has dropped to 8th from 7th in WEF’s list of competitiveness. They also warned that some banks are in a more precarious position now than they were before the 2007 credit crunch. There was little currency movement as a result but it’s certainly something to pay attention to in the coming weeks and months.
Meanwhile, the Nationwide housing prices data was released yesterday. It showed that UK house price growth slowed to 2.1% in August from 2.9% in July, although there was only a 0.1% fall month-on-month.
News that the US has imposed a punitive 219% levy on Bombardier was met with widespread dismay and could be a huge blow to Northern Ireland’s economy. Bombardier are the biggest employers in the region and an estimated 4,000 jobs could be at risk.
It’s a quiet day for economic data today, so political events could take centre stage. Tomorrow sees the release of UK growth rate and consumer confidence.