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Economic Review – December 2019

Posted on 10 January, 2020

INTEREST RATES ON HOLD

The Bank of England (BoE) left interest rates unchanged following the latest meeting of the Monetary Policy Committee (MPC), although two members of the nine-strong committee once again voted for an immediate cut in rates. At its latest meeting held on 18 December, the MPC voted to maintain its existing monetary policy stance and leave the bank rate on hold at 0.75%. However, while seven members adopted this ‘wait-and-see’ approach, for the second month running, two argued that current weakness in the economy warranted an immediate change in policy stance and voted for a rate reduction……

JOHNSON GETTING BREXIT DONE

A sweeping Conservative victory in December’s election has provided Boris Johnson with a large majority that should pave the way for him to drive his vision of Brexit through parliament. On 12 December, the Tories secured a decisive election victory, predominantly due to large swings from Labour to the Conservatives in leave-voting constituencies. This handed Mr Johnson an 80-seat House of Commons majority and a mandate to ‘get Brexit done’ without having to rely on support from Democratic Unionist Party MPs…..

EMPLOYMENT AT RECORD HIGH

The latest batch of employment data released by the Office for National Statistics (ONS) shows that the UK labour market continues to confound economists with the overall employment rate rising to another record high. The latest set of statistics released by ONS revealed that retail sales volumes fell by 0.6% during November with all main sectors, apart from food stores, seeing a drop in sales. This was the fourth month in a row where the data failed to show any monthly growth, the longest such run since at least 1996…..

RETAIL SALES GROWTH WEAK

Official retail sales figures show that UK consumers have been keeping a tight rein on spending in the face of ongoing political and economic uncertainties…..

For the full FREE article download here: Economic Review – December 2019

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