UK Pay Growth Slows


UK Pay Growth Slows

British workers’ pay growth has slowed to its weakest in six months despite record employment, challenging the Bank of England as it considers whether to raise interest rates next month for only the second time since the financial crisis. Average weekly earnings rose by 2.5 percent on the year in the three months to May, […]

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Key Vote In Parliament Today

Following last week’s Brexit White Paper, the Customs Bill heads back to the House of Commons today. Several amendments to the bill have been tabled, including four by hard-Brexiteer Jacob Rees-Mogg. Meanwhile, more pro-EU MPs have tabled an amendment aimed at keeping the UK in a customs union with the EU. Prime Minister Theresa May […]

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Trump – No Deal

Sterling fell to a 2-week low today as a resurgent dollar and comments by U.S. President Donald Trump that a possible trade deal was probably dead, this lead to no demand for the pound. Trump, who is visiting Britain, said Prime Minister Theresa May’s newly-announced Brexit blueprint had probably killed hopes of a U.S.-UK trade […]

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Government To Publish Brexit White Paper

Today’s attention is likely to centre on the UK government’s publication of its Brexit White Paper following last week’s Chequers meeting. The White Paper is expected to formalise the plan that ministers agreed last week and provide more detail on how the government intends to deliver on Brexit without crossing Theresa May’s red lines. While […]

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Focus on Mark Carney’s Speech

In Europe, German Chancellor Angela Merkel said UK PM May’s new Brexit proposal, after Friday’s Cabinet agreement meeting at Chequers, was a “solid step forward”. Today though, the market maybe more focused on BoE Governor Carney’s speech this afternoon in Boston, particularly with the August MPC meeting just over three weeks away. Speaking in Newcastle […]

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Industrial output and manufacturing data disappointed

Sterling rose from the day’s lows we reached yesterday afternoon though investors were wary of pushing it higher before data that may raise hopes of an interest rate hike in August and rising political uncertainty after the resignation of two top ministers. Boris Johnson followed Brexit minister David Davis in resigning in opposition to May’s […]

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David Davies Resigns

UK Brexit Secretary David Davis and two other government ministers resigned overnight, just two days after the ‘soft’ Brexit agreement at Chequers. In Mr Davis’s resignation letter, he argues that the agreement made it ‘less and less likely’ that the manifesto commitment to leave the Customs Union and the Single Market will be delivered. Pro-Brexit […]

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Is the Brexit plan unworkable?

UK PM May hosts the Cabinet at Chequers today, where an agreement on the content of the government’s White Paper on a third post-Brexit trading arrangement, dubbed a “facilitated customs arrangement”, will be sought. The White Paper is expected to be published next week. It remains to be seen whether it will have the backing […]

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70% chance of UK rate hike in August

In the UK, all eyes will be on Bank of England Governor Mark Carney’s speech at 11:00 am in Newcastle. Following the recent run of upbeat UK economic data releases and BoE chief economist Andy Haldane’s surprise shift last month to support an immediate hike in interest rates, market expectations for an August rate hike […]

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UK Data Continues To Be Positive

The pound edged up this morning ahead of a survey on Britain’s dominant services sector which traders said could lift the currency after decent numbers from the manufacturing and construction sectors earlier this week. The Services Purchasing Managers’ Index was forecast to come in at 54 for June, in line with the previous month. The […]

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