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AFP
London
Britain’s economy has stalled, official data showed Monday, as Brexit and political uncertainty contributed to slashing manufacturing output, heaping pressure on the Bank of England to cut interest rates.
Gross domestic product contracted 0.3 percent in November, the Office for National Statistics said in a statement. It grew only 0.1 percent in the three months to the end of November, the ONS added.
Manufacturing meanwhile slumped 1.7 percent in November.
Speaking ahead of the data a Bank of England policymaker, Gertjan Vlieghe, hinted at a potential vote in favour of a January cut to the BoE’s main interest rate, weighing on the pound Monday.
It followed comments Friday by fellow policymaker Silvana Tenreyro, who said she could support a rate cut from the current 0.75-percent level, if the economy did not strengthen.
And on Thursday, the bank’s outgoing governor, Mark Carney, said the monetary policy committee was looking at the merits of near-term stimulus.
London
Britain’s economy has stalled, official data showed Monday, as Brexit and political uncertainty contributed to slashing manufacturing output, heaping pressure on the Bank of England to cut interest rates.
Gross domestic product contracted 0.3 percent in November, the Office for National Statistics said in a statement. It grew only 0.1 percent in the three months to the end of November, the ONS added.
Manufacturing meanwhile slumped 1.7 percent in November.
Speaking ahead of the data a Bank of England policymaker, Gertjan Vlieghe, hinted at a potential vote in favour of a January cut to the BoE’s main interest rate, weighing on the pound Monday.
It followed comments Friday by fellow policymaker Silvana Tenreyro, who said she could support a rate cut from the current 0.75-percent level, if the economy did not strengthen.
And on Thursday, the bank’s outgoing governor, Mark Carney, said the monetary policy committee was looking at the merits of near-term stimulus.
