The Markets
Comments Off on The MarketsFor the UK economy I think the phrase was spot on from the chief economist of the Bank of England, Andy Haldane, when he described it as being in a position of both agony and ecstasy. For the ecstasy we now have an economy that is currently growing faster than any other developed economy on the globe. A rate of 3.1% for this year is expected and that for the UK is quite a pace, although obviously nowhere near the dynamic rates of the developing nations. In fact for the UK’s it could be described as running quite hot – especially when you consider not just the QE money pumped into it but the £22.2bn plus set aside for consumers’ claims from the PPI scandals. Whilst growth next year will likely ease to 2.4% according to the EY Item Club, this is hardly agony, although ecstasy would not be a sensible description either. Reasonable is more truthful, although sustainable would be better. (more…)
