Summary
What a difference a week makes. On June 6, Royal Bank of Scotland chief economist Andrew McLaughlin was speaking of a fresh bout of jitters sweeping global markets. Concerns over the stability of the global recovery were mounting. China's growth had slipped from the expected 11 per cent plus to a shade under 11 per cent (shock, horror!) and manufacturing output statistics had come in under expectations across developed markets.
One week later, in his June 13 report, McLaughlin saw some reason for optimism in the UK economy. The Bank of England had kept rate rises on hold, which meant that the very accommodative monetary policy, from which businesses have been benefiting, continues. Plus, the UK trade deficit shrank as exports gained traction. The UK's deficit in goods and services was just pound(s)2.8 billion as compared to pound(s)4.1bn last year, thanks largely to exports increasing by 11 per cent year-on-year. This easily outpaced a six per cent increase in imports and resulted in a net reduction of the deficit. All good news.See the full content of this document
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What a Difference a Week Makes. On June 6, Royal... Headline]
After the house price slump through the r...
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