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The Centre for Economics and Business Research upgraded its outlook for the nation’s economy Monday, citing a pickup in manufacturing and a view that the worst of the consumer-spending squeeze has passed. The group now expects UK growth of 1.6 per cent this year and 1.4 per cent in 2018, an increase from 1.3 per cent and 1.2 per cent, previously.
The revision comes after BOE policy makers said last week that they’re headed toward raising interest rates for the first time in more than a decade, noting that while Brexit still poses a risk, data since their last decision points to a “slightly stronger picture than anticipated.”
Gertjan Vlieghe, regarded as one of the more dovish members of the Monetary Policy Committee, doubled down a day later, saying that data suggested “we are approaching the moment when bank rate may need to rise.” [...]
Full article on The Independent