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Sterling was down in the dumps this week as hard Brexit fears returned with the move to limit Brexit negotiations beyond 2020.
United Kingdom Headlines and Economic data
Monday:
- U.K. Private sector activity falls again, led by fastest drop in manufacturing output since July 2012
- Rightmove predicts that the price of property coming to market in Britain will rise by 2% in 2020
- UK Brexit laws to be put before parliament on Friday
- UK financial system seen as resilient to Brexit, trade wars
- Bank of England tweaks rules to give banks £500 billion loan warchest
Tuesday:
- Brexit bill to rule out extension to transition period – this was the nail in the coffin for Sterling this week as the odds of a no-deal Brexit rise given the incredibly short-time frame set for the U.K. and the EU to hammer a trade deal.
- UK manufacturing sector finishes the year on a low note – CBI
- Britain threatens Brexit cliff-edge to force EU trade deal by December 2020
Wednesday:
- U.K. CPI comes in better-than-expected at 1.5% in November
- The headline rate of output inflation for U.K. goods leaving the factory gate was 0.5% on the year to November 2019, down from 0.8% in October 2019
- The annual price change for a property in the UK was 0.7% in October; the monthly price change for a property in the UK was -0.7%
- Scottish leader Sturgeon demands a post-Brexit independence referendum
- No-deal Brexit risk next year “uncomfortably high” at 25% – JPMorgan
Thursday:
- Bank of England holds steady on rates, awaits impact of Johnson’s election win
- Bank of England press briefings hijacked by hedge funds
- Cautious UK shoppers send retail sales growth to 19-month low
- UK government rejects demands for new Scottish referendum
- UK companies fear hit from Brexit migration rules – CBI
Friday:
- U.K. GfK consumer confidence improved from -14 to -11
- Andrew Bailey named as next BoE Governor
- Bank of England’s Haskel makes case for ‘insurance’ rate cut now
- A January Brexit wins endorsement from a new U.K. Parliament dominated by Boris Johnson’s Conservative Party
- UK GDP growth revised up but ‘shows underlying slowing of economy’, ONS
- U.K. Borrowing (public sector net borrowing excluding public sector banks, PSNB ex) in November 2019 was £5.6 billion, £0.2 billion more than in November 2018