cancel2 2022
Canceled
BRITAIN’S economic Brexit bounce was made official today as the Bank of England was forced to admit it had been too negative about the financial impact of the vote to leave the European Union.
A string of reports has found the UK economy booming with record high employment and exports soaring
Since the June 23 referendum, a string of reports has found the UK economy booming with record high employment and exports soaring. Today buoyant retail sales figures were the latest addition to the mix as they showed that overall spending by shoppers has been robust in the wake of the UK’s decision to leave the EU. Bank governor Mark Carney and his nine-strong committee of interest rate setters rowed back on their Project Fear predictions of recession made in the run up to the vote.
“A number of indicators of near-term economic activity have been somewhat stronger than expected,” the Bank said in minutes of the Monetary Policy Committee’s meeting to set the base interest rate. “The committee now expects less of a slowing in UK GDP growth in the second half of 2016.”
Despite the climbdown, the MPC said it was still likely to cut interest rates again to just above zero later this year, even though the initial Brexit hit to Britain’s economy would be less severe than it expected.
http://www.express.co.uk/news/uk/711168/Mark-Carney-Bank-of-England-admits-negative-Brexit
