Express News | Mitsubishi UFJ: The Bank of England may cut interest rates in November, but may not do so in December.
United Kingdom's manufacturing sector started the fourth quarter uncertainly. Cost inflation easing may provide growth space for policymakers.
November 1st, Global Intelligence Director Rob Dobson of Standard & Poor's stated: "The United Kingdom's manufacturing industry began the last quarter of the year on uncertain footing, as speculation on government policies before the budget led to a widely reported caution in investment and spending. Domestic headwinds, coupled with ongoing losses in export business, resulted in a comprehensive contraction in new employment levels for the first time since April. As a result, output growth has nearly stagnated. Overall PMI fell below the neutral level of 50.0, with business optimism only slightly higher than the nine-month low point in September, which also signals
United Kingdom's manufacturing PMI final value for October is 49.9, lower than expected.
November 1st of Glonhui｜United Kingdom's October manufacturing PMI final value is 49.9, expected 50.3, previous value 50.3.
Express News | After the budget, the British pound weakened and the market remained cautious about the Bank of England cutting interest rates.
Moody's: The United Kingdom's budget constitutes a new fiscal challenge and is not beneficial to economic growth.
According to the Financial Times on November 1st, Moody's warned on Friday that British Chancellor of the Exchequer Rishi Sunak's plan to increase borrowing after modifying Britain's fiscal rules poses an 'additional challenge' to public finances. Moody's stated that in the assessment of the first budget of the Labour government, Sunak has only left himself limited room to absorb unexpected shocks, while still complying with her new fiscal regulations. British Chancellor of the Exchequer Rishi Sunak announced a budget on Wednesday, raising taxes by over £40 billion while increasing borrowing to fund additional daily spending and government investments. Moody's said: 'In our view, the increase in borrowing...'
Nationwide: UK Annual House Price Growth Softens to 2.4% in October