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Bank of England Upgrades UK Growth Forecast

The Bank of England has upgraded its growth forecast for the UK economy.

Minutes from September’s meeting of the Bank’s Monetary Policy Committee show that third-quarter growth is expected to be 0.7%, up from 0.5% forecast in last month’s Inflation Report.

The minutes also show that the MPC voted unanimously to keep interest rates and quantitative easing (QE) on hold this month.

No MPC members saw a case to expand economic stimulus measures.

The minutes said that recent economic data and business surveys “provided further evidence” that growth was picking up.

Not only would it now be stronger than first thought in the July-to-September quarter, the likelihood was that growth would continue to strengthen for the rest of the year, the minutes said.

Two MPC policymakers who had previously suggested an expansion of QE may be required to aid the economy further have now revised their views, according to the minutes.

That underlines the suggestion that the MPC sees the UK economic recovery strengthening.

via BBC [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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