UK Chancellor Statement Expected to Be Bullish on Economy

December 2, 2013 Share Print 0

The burgeoning U.K. economic recovery is expected to lead to an official hike in economic forecasts this week, but Chancellor of the Exchequer George Osborne is unlikely to ease much on austerity.

The Chancellor’s autumn statement, due Thursday, will be accompanied by revised forecasts from the Office for Budget Responsibility (OBR), economists believe. Since he delivered his last Budget in March, economic data on measures including employment and manufacturing have been better than expected – as Goldman Sachs economists said recently, the U.K. is “one of the most notable economic surprise stories” of 2013. In March, the OBR forecast growth of 0.6 percent for 2013.

“The economy has moved from a state of despair to repair,” HSBC economists put it, in a research note where they predicted 2013 gross domestic product growth would hit 1.4 percent.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

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.