Factory shutdowns hit UK economy

• The UK economy is expected to have flatlined in November, weighed down by a drop in service sector activity and car factory shutdowns.
• One economist said that GDP data to be released tomorrow (12/01) will show that the economy was “listless” in the month before the general election. Others are forecasting a contraction.
• The gloomy picture comes after Bank of England governor Mark Carney surprised the markets last week by saying there could be a case to cut interest rates if the economy remained weak into 2020.
• Markets now put the chances of a rate cut in the coming months at 50%, up from 35% previously.

Source: The Times (Paywall)

 

 

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