UK Economic Forecast
October 25, 2016Growth continues to hold up well in the UK and the latest survey data show a further improvement in the manufacturing sector, with the PMI increasing in September. Moreover, consumer confidence recovered in the same month after the post-referendum downturn. Following nearly four months of little or no news regarding the formal Brexit timeline, in early October, Prime Minister Theresa May announced her intention to trigger Article 50 of the Lisbon Treaty before the end of March 2017 and also outlined plans to remove all European laws from the British statute book on the day of exit. Her speech suggested that the UK is heading for a “hard” Brexit, which would broadly mean no tariff-free access to the European market and restrictions on labor movement. Escalating concerns of a severe separation from the EU caused the pound to hit a historic low on 11 October.
United Kingdom Economy Data
5 years of United Kingdom economic forecasts for more than 30 economic indicators.
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United Kingdom Facts
|Bond Yield||1.09||0.29 %||Oct 25|
|Exchange Rate||1.22||-0.42 %||Oct 25|
|Stock Market||7,018||0.45 %||Oct 25|
United Kingdom Economic Growth
October 25, 2016Uncertainty stemming from the Brexit vote will continue to deter investment, but accommodative policy action taken by the BoE will soften the impact. This month, our panel upgraded the GDP forecast for the third consecutive time. The economy is expected to grow 1.8% in 2016, which is up 0.2 percentage points from last month’s estimate. For 2017, the panel projects that the economy will grow 0.7%.
United Kingdom Economic News
October 21, 2016
Following nearly four months of little or no news regarding formal negotiations with the European Union, in early October, Prime Minister Theresa May finally shed some light on the Brexit timeline and announced that Article 50 of the Lisbon Treaty will likely be triggered before the end of March 2017.
October 19, 2016
In September, jobless claims increased by 700 from the previous month, according to the Office for National Statistics (ONS).
October 18, 2016
In September, consumer prices increased 0.2% from the previous month, which came in below the 0.3% increase seen in the previous month.
October 8, 2016
In August, industrial production contracted 0.4% over the previous month in seasonally-adjusted terms, which contrasted the 0.1% increase recorded in July.
October 3, 2016
In September, the manufacturing sector recovered the ground it had lost after the EU referendum.