Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

inside business

An interest rate cut looks nailed on as Britain’s economy continues to splutter

GDP fell by much more than had been feared – and left the pound taking a tumble, writes James Moore

Monday 13 January 2020 15:21 GMT
Comments
Recent comments of Bank of England governor Mark Carney have raised expectations of an interest rate cut
Recent comments of Bank of England governor Mark Carney have raised expectations of an interest rate cut

It didn’t take long for the pound to find itself in the doghouse after the latest GDP numbers landed. November was much worse than expected, something that’s becoming par for the course in Brexit Britain.

UK plc shrank by 0.3 per cent over the month. So more doom, gloom and disaster? Well, up to a point. The picture was a little more nuanced than the reaction of currency markets would have you believe.

While the 11th month was a miserable, the ninth and the 10th were, it turns out, better than had been feared. Both were revised upwards.

Join our commenting forum

Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in