“The fall in January was driven by a notable slowdown in manufacturing, with oil and gas extraction and construction also having weak months, but services continued to grow in January led by a strong month for retail, especially food stores, as people ate and drank at home more,” ONS Director of Economic Statistics Liz McKeown said. The ONS noted construction was weighed by the weather, as the strongest storm in a decade hit the UK. (see MNI INTERVIEW: Consumer Boost Lead For UK Growth- ONS Fitzner )
The data comes just under a week before the Bank of England meets to set interest rates, but there is little in the numbers to shift the thinking of policymakers as they sit down to decide the policy outcome on Wednesday. (see MNI POLICY: BOE, ECB Probe Whether QT Can Lower R-Star )
