Latest data released by ONS - 27 April 2018
- Prior q/q +0.4%
- GDP +1.2% vs +1.4% y/y expected
- Prior y/y +1.4%
Ouchie, that's even lower than the NIESR estimate of +0.2% q/q. Sterling marked lower with cable falling to a low of 1.3816 on the day.
ONS says that snow had some impact on economy especially in construction and some areas of retail, but notes that the overall effect on GDP was limited.
Well, if weather isn't really a big factor on why the economy is facing a soft patch then that really shouldn't convince the BOE that May would be the best time to raise rates.
