Free Trial

MNI BRIEF: UK Misses Technical Recession As Data Revised Lower

(MNI) London

The UK narrowly avoided a recession across the summer months as the Office for National Statistics revised to GDP data for Q2 and Q3 lower to 0% and -0.1% respectively -- the revised Q2 data came in at +0.04%, just on the positive side of zero.

The data was lower than expected by the Bank of England and City analysts, and again raises fears of a sharply slowing economy as higher interest rates high home. However, the BOE's MPC will see the data broadly in line with its thinking of a flatlining economy, even if slightly below the actual expectation.

The Bank of England has maintained talk that rates will need to be held at current levels for some time to tame inflation further, but the latest pricing in the financial markets points to rate cuts totalling 125bps through 2024.

MNI London Bureau | +44 203-865-3812 |
MNI London Bureau | +44 203-865-3812 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.