With one week to go before the meaningful vote, all eyes and ears would likely be on Brexit updates. Still, there’s a couple of top-tier economic events you shouldn’t miss.
BOE Guv’nah Carney’s remarks (Jan. 9, 3:30 pm GMT)
Bank of England head Mark Carney is scheduled to participate in an online Q&A session about the future of money at the BOE’s Future Forum.
The focus might not be on economic performance or monetary policy per se but on the off chance that anyone asks a question related to interest rates or Brexit, pound traders might be quick to hit the buy or sell button, depending on Carney’s response.
U.K. monthly GDP (Jan. 11, 9:30 pm GMT)
Before the trading week comes to a close, the U.K. will release its November GDP reading. Analysts are expecting to see another measly 0.1% growth figure, which doesn’t exactly paint a picture of strong momentum.
Along with this report, the manufacturing and industrial production figures are also due, and these should provide a clue of how U.K. businesses are doing. The goods trade balance is also up for release and a slightly smaller deficit of 11.4 billion GBP is eyed.
Despite the buzz that another delay in the meaningful vote on January 14 might be announced, PM May emphasized in her interviews over the weekend that the vote will push through. With that, the debates will carry on in the coming days and these should once again give hints on how members might vote.
So far, more than 200 MPs have written to No. 10 to urge her to rule out the idea of a “no deal” scenario. May has extended an invitation to them for a meeting this Tuesday, so more developments could come out by then.
Meanwhile, May is also under pressure to squeeze out more guarantees from EU officials when it comes to the Irish border backstop and the role of parliament in negotiating future EU-U.K. ties. Whew!
Keep in mind that the U.K. government also has the option of backing out of Brexit without legal repercussions, as confirmed by the European Court of Justice. Of course that wouldn’t make May leadership look good at all, would it?