Today’s UK data add to evidence that the underlying pace of the economic recovery is strengthening, albeit moderately. … output balance edged up from 54.7 to 55.0. At this level the balance is consistent on the basis of past form with quarterly growth in manufacturing output of about 1%. For now, then, it seems as if the UK’s recovery is gathering some steam.
Howard Archer, chief UK and European economist at IHS Global Insight:
The improved manufacturing PMI for June reinforces the belief that the Bank of England is most likely to sit tight on Quantitative Easing or any other stimulative action at Mark Carney’s first MPC meeting this week. We still think more QE will eventually occur, with a £25 billion dosage possible in August. This reflects our belief that Mark Carney is likely to be keen to build up to escape velocity from extended economic weakness.
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