An increase in interest rates is promising as the economy grows faster than expected

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Markets raised their bets on the Bank of England interest rate rise next month after data showed stronger-than-expected growth in November.

The economy returned to pre-pandemic size for the first time after rising 0.9 percent, much faster than the 0.4 percent economists expected, with output remaining 0.7 percent above the February 2020 level.

Growth led to a 1.4 percent jump in retail, as shoppers carried on Christmas shopping due to concerns about shortages and strong Black Friday sales.

Production increased in all sectors, with services rising by 0.7 percent overall, while production in dry and mild weather rose by 1 percent and construction by 3.5 percent, according to the Office for National Statistics.

Unless GDP falls by more than 0.2 percent in December or a revision of data occurs, the November jump means the UK economy will “reach or exceed pre-coronavirus levels” throughout the fourth quarter, the ONS said.

Chancellor Rishi Sunak said the recovery was “a display of the tolerance and determination of the British”.

Markets are now setting prices with a nearly 90 percent chance that the Monetary Policy Committee will raise interest rates from 0.25 to 0.5 percent at its next meeting in February.

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