LONDON (BLOOMBERG) - Behind the noise of another tumultuous few days in UK politics, the nation's economy quietly had one of its worst weeks this year.. Read more at straitstimes.com.
LONDON - Behind the noise of another tumultuous few days in UK politics, the nation's economy quietly had one of its worst weeks this year.
This week has done little to lift the fog after Prime Minister Boris Johnson suffered a series of defeats, lost his Parliamentary majority and failed in a bid to force early elections. While the UK public was gripped by the political drama, including photographs of one lawmaker slouched in his House of Commons seat during a crucial Brexit debate, the reports highlight the economic cost of the chronic uncertainty surrounding Britain's departure from the European Union.
Even before the latest political turmoil, confidence among households was crumbling. A Bank of England survey on Friday showed that inflation expectations for the coming year stand at 3.3 per cent, with over half of Britons saying that Brexit would push prices up. Inflation is currently just over 2 per cent.
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