British economy relies on customers as Brexit drags on business

British economy relies on customers as Brexit drags on business

Moving slowly against the backdrop of Brexit as well as decelerating global surge, the British economy is increasingly reliant on customers and their spending as business investment and exports recede.

The world's number five economy rallied by 1.4% last year that appears to be the weakest leap for six years. Moreover, it seems set to speed down further this year.

On Wednesday, the EU postponed the UK’s departure from the trading bloc until the end of October, although skepticism persists that UK lawmakers can form a consensus over Brexit.

As a matter of fact, in 2018, household spending managed to ascend by the least since 2012. Some of the deceleration turned out to be a by-product of the June 2016 Brexit vote that hammered the value of the UK currency and also pushed up inflation above wage surge through most of 2017.

However, pay surge has rebounded for the last time, backing consumer spending.

Last year, households and the cabinet turned out to be the only catalysts of the UK economy. Net trade and business investment put pressure on surge.

Mark Carney, BoE Governor told that the global economy was facing some of the same issues.

In February, stockpiling boosted factories.

As follows from EC data, public confidence in the economic outlook happens to be weaker in the United Kingdom than in any other European country.

The Bank of England stressed that interest rates need to go up in a gradual and limited way, as long as Brexit demonstrates smooth progress.

By the way, the BoE's nine rate-setters might be willing to dodge adding to economic uncertainty by providing different views on the outlook for borrowing costs.


Bank of England’s Statement
Bank of England’s Statement

The Bank of England will announce its policy statement on December 16, Thursday, at 14:00 GMT+2 (MetaTrader time). It will affect all the pairs with the British pound.

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FED and BOE Make Another Attempt to Beat Inflation
FED and BOE Make Another Attempt to Beat Inflation

The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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