Brexit Progress To Boost Economy
15th December 2017.
Theresa May’s recent breakthrough in Brexit negotiations, as well as the Chancellor’s Budget last month, are both giving a small extra boost to economic growth, the Bank of England believes.
The Bank’s Monetary Policy Committee has predicted a small upsurge in economic activity in the UK, now that the country is slowing moving away from Brexit uncertainty.
The committee assured that investment growth will remain “modest”, complemented by a renewed “sluggish” consumption rate.
Provisional estimates by Bank staff have suggested that GDP will rise to around 0.3 percent, but that as a consequence consumer price inflation will also rise by 0.1 percent.
Recent Brexit progress has allowed the UK Government to move to trade talks, and this is predicted to boost business confidence and as a result, uplift economic activity.
The Bank further stated how they will watch pay growth closely to see if earnings remain unaffected by the record low unemployment rates.
So far a surge in relatively low-skilled workers finding jobs has held down average pay growth.
The MPC decided against raising interest rates this month, keeping them on hold at 0.5pc.
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