UK Economy Going for Gold

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The prevalent gloom surrounding the British economy seems to have subsided for a while as the recent economic releases offered respite to the deteriorating domestic economic outlook. Data out today has revealed that retail sales grew more than expected last month due to the Olympics games adding to the improving labour market scenario. Although the BoE minutes showed that policymakers did not discuss an interest rate cut, stepping up the bank's asset purchase programme did play on their minds.

Yesterday’s positive US housing and industrial output data has dampened hopes of QE3 though muted inflation figures did support more easing.

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UK Economy Going for Gold

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