ING Economist: A Small Majority At BoE To Vote For An Extra GBP 50 Bln Spending

(RTTNews) - Wednesday, ING economist James Knightley said a small majority at the Bank of England will vote to pump in an extra GBP 50 billion into the economy as consumers still face headwinds and also the inflation backdrop remains benign. The BoE is set to announce its decision on November 5.

Commenting on the U.K.’s services PMI data, Knightley said stronger than expected Purchasing Managers’ Index for the service sector indicates GDP growth in excess of 3% on a yearly basis based on historical relationships, which adds to the confusion over the weakness in the third quarter GDP. “Admittedly other surveys are not pointing to as strong activity as the services PMI, but they are at least pointing towards expansion,” added Knightley.

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