Analysts at Scotiabank explained the latest developments around the UK economy.
Key Quotes:
“UK Construction PMI rose to 53.1 in Jun, bettering expectations of an unchanged report from May’s 52.5. This was the strongest reading in the index since Nov last year (and follows yesterday’s stronger than expected Manufacturing PMI reading (54.4). BoE MPC “hawk” Saunders remarked that UK rates may have to rise faster than markets expect as the UK economy is running out of slack. That suggests he will maintain his recent voting pattern (favouring a rate hike) at the Aug meeting.”
:Later in the week, focus will likely fall on what may become a “back me or sack me” meeting between PM May and her cabinet as they attempt to thrash out a workable Brexit policy.”
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