I'm not sure exactly why Queen's "Don't stop me now" has been stuck in my head...something to do with football and wishing not to get knocked out maybe...we were having such a good time! Anyway, as I say in this Sky News interview on the Ian King Show, only a big shock would stop the Bank of England from hiking in August. I also discuss the merits of the new monthly GDP data.
“We trust that the government will take all the appropriate actions” – Jean-Claude Trichet. Mario Draghi. That was the sign-off for the now infamous ECB letter sent to Silvio Berlusconi’s government during the height of the European sovereign debt crisis. Nearly seven years on, Italy has once again experienced financial market turmoil and the ECB this week will no doubt be asked many questions about the situation.
Following the EU referendum, financial markets initially expected the worst, with the weakness of the pound the clearest indication of deteriorating sentiment. And yet, many saw the depreciation as an opportunity for the economy to rebalance away from consumer spending and towards more trade. With this in mind, how successful has the UK been?