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πŸ‡¬πŸ‡§ UK's data is split enough that hawks and doves can both claim vindication before September 17

πŸ‡¬πŸ‡§ UK's data is split enough that hawks and doves can both claim vindication before September 17

The Bank of England is split ahead of its September 17 decision. UK services activity hit a four-month high, construction extended a 20-month contraction, and headline inflation rose to 2.9% on energy costs. The case for either a hike or a hold just got harder to make.

Bar and line chart of UK Composite PMI (left) and 3m/3m GDP (right) from Jan 2023 to mid-2026, with a 2024 election marker.
Julian Jessop says August’s 52.5 composite PMI still points to decent Q3 GDP, even as private-sector cost burdens accelerated and firms kept shedding jobs. Source

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