United Kingdom  

Celebrating 10 Years of Trusted News Discovery
One News Page
> > >

UK: anxious times for pre-Brexit economy

Video Credit: Reuters Studio - Duration: 01:48s - Published < > Embed
UK: anxious times for pre-Brexit economy

UK: anxious times for pre-Brexit economy

Britain's services sector stagnated last month and car sales were down again: a host of new data surveys point to a still highly uncertain outlook for a UK economy caught in Brexit turmoil.

David Pollard reports.


UK: anxious times for pre-Brexit economy

Mixed at best, recession at worst ... The judgements on the UK's latest crop of data readings are hardly upbeat.

UK services stagnated in October - a PMI reading of 50 is exactly on the line between contraction and expansion in the sector.

Similar surveys of manufacturing and construction already show they remained in decline.

Consumers, meanwhile - a key driver for the UK economy - appear to be keeping a tight rein on spending ahead of Christmas .... And ahead of a pre-Christmas election.

As the ruling Conservative and opposition Labour and other parties started campaigning in earnest, the British Retail Consortium said its 12-month rolling average of sales growth fell to a new low of 0.1 per cent.

Separate figures suggest new car registrations fell nearly 7 per cent - in the eighth month of downturn.

As for sterling - long-battered by Brexit uncertainty - it actually drifted higher after Tuesday's (November 5) numbers.

But will remain a key telltale of investor confidence before - and after - the December 12th polling date, says Richard Hunter of Interactive Investor.

(SOUNDBITE) (English) RICHARD HUNTER, HEAD OF MARKETS, INTERACTIVE INVESTOR, SAYING: "In terms of continuing to tread a fairly narrow range, you could envisage that a hung parliament would keep that going.

I think the only positive we're going to get shorter-term for sterling would be a Conservative win.

And all bets would then be off in terms of a Labour win; there's be general pressure on asset classes and sterling in particular." The new numbers put the Bank of England in the frame.

After Thursday's (November 7) policy decision, it's to present its latest growth and inflation forecasts.

Expect no policy action from the central bank, say most analysts, until Britain's political upheaval subsides.

You Might Like

Tweets about this

Recent related videos from verified sources

Will the 10-Year Bull Run Continue? What Could Stop It? [Video]Will the 10-Year Bull Run Continue? What Could Stop It?

The U.S. stock market is on a 10-year bull run that is by far the longest in the modern era but investors and market watchers have just one thing on their mind: Can the good times continue? "It can,..

Credit: The Street     Duration: 05:44Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.