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ARTICLE · 15 JANUARY 2014

The Right Sort Of Economic Recovery?

Smith & Williamson
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Chris Bates assesses the UK's growth prospects as the economy appears to be gaining traction.

United KingdomStrategy
Christopher Bates
Christopher Bates

Chris Bates assesses the UK's growth prospects as the economy appears to be gaining traction.

Mark Carney's second inflation report as governor of the Bank of England delivered an upbeat message on the progress of the economic recovery. The bank revised its growth forecasts for this year up to 1.6% from 1.4%, and for growth next year to come in at 2.8%, up from 2.5% in August. October and November's purchase managers' index (PMI) services index suggested growth in the fourth quarter of 2013 could be as high as 1.5% but we wait to see whether this momentum can be maintained. November's strong manufacturing PMI, which rose to its highest level for over two and a half years, suggests that the recovery could well be more broad-based.

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