Consumer confidence will be in the spotlight this week as the new government looks for positive economic signals.
The Bank of England will report on its latest interest rate call at midday today. Rates had not remained unchanged for the duration of a parliament since the post-Second World War Labour government, but the Coalition achieved this last month and there’s little sign the Monetary Policy Committee will break the six-year run at 0.5 per cent soon.
A key consumer confidence indicator is how many of us are jetting off on holiday. The budget carrier easyJet is expected to post a profit tomorrow in what is traditionally a loss-making first-half period.
The results for the six months to 31 March are expected to be between a loss of £5m and profit of £10m due to rising passenger numbers and revenues. Brokers at Numis expect it to make a £7.5m profit, a huge surge on the £53m loss for the same period last year. However, the carrier has warned it could be buffeted by volatile exchange rates and oil prices.
Tomorrow will also bring an update from the pensions provider Just Retirement, full-years from Experian and Enterprise Inns’ interims.
Wednesday’s Bank of England inflation report, delivered by Governor Mark Carney, will reveal whether the UK is in deflation, after two months of 0 per cent inflation.
In corporate affairs, SAB Miller will post its full-year results, while Compass, Galliford Try and Barratt Developments will also update on performance.
All Bar One owner Mitchells & Butlers is expected to post solid first-half profits on Thursday, with the outcome dominated by a summer acquisition. The City predicts the UK’s biggest managed pubs group will report pre-tax profits up 4.2 per cent to £75m, as it spends on rebranding and new IT systems to support its £266m purchase of rival Orchid Group, which has 173 pubs, in June.
Friday brings a slew of annual general meetings with directors in ITV, Next, Paddy Power and state-backed Lloyds Bank meeting investors.
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