This morning’s UK GDP data, showing a 0.9% month-on-month rise in November, show the economy had considerably more momentum than thought, shrugging off supply-chain issues and with the level of activity now above pre-pandemic levels. The services sector is seeing a consistent expansion in output, largely driven by the buoyant consumer. The Bank of England is now all the more likely to raise rates in early 2022 and will judge any slowdown due to Omicron during the winter as temporary.
Davy research
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