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UK Economic Recovery On A Strong Footing

UK Economic Recovery On A Strong Footing

Everything is looking marvellous and rosy in the UK at the moment as a survey from the British Chamber of Commerce showed yesterday.

Export sales and orders in the services sectors beat their Q4 highs and 6 key manufacturing indicators, including employment expectations and domestic orders, hit all-time highs. Pay growth also accelerated to its fastest growth in 7 years.

All in all, it seems like good news as companies reported stronger overseas demand and expectation for further growth remain high. There is, as always, some caution as UK growth is still reliant on consumer spending which is being led by the resurgent housing market and a declining savings ratio.

Other than that, it’s a slow news week and in Europe the “will they, wont they?” swaying of the ECB remains. The hints keep coming about some sort of monetary stimulus but then are quickly confused by timescale references. In other words, they may do something, but they are not going to say what and not going to say when. But they might….

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