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BOE July Monetary Policy Meeting Preview
Incoming economic data suggests that the six members of the Monetary Policy Committee who have previously voted against additional QE will again spurn more easing. This week, services PMI rose to 56.9, the highest since March 2011. This is good news since approximately 75% of the UK’s economic output comes from the services sector. And the composite measure of PMI has been steadily increasing over the last few months. Encouragingly, services, construction and manufacturing PMIs are now in expansionary territory. Additionally, the UK’s infamous double-dip recession has now been revised away by the Office for ... (full story)