Surprisingly uneventful

UBS
By December 19, 2017 02:06

Surprisingly uneventful

Regional view – United Kingdom

This is the last editorial I will pen as 2017 draws to a close, so it feels like the right time to take stock on what someone has just described to me as a "surprisingly uneventful year". Personally, I thought it was very eventful, but that may be because I have my head buried in newspapers' politics pages for the best part of the day. I suppose when we take a step back and look what has happened to the economy and markets, surprisingly uneventful just might sum things up. Thinking back, coming into 2017 with the Brexit referendum still fresh in everyone's mind, the pound trading at multi-year lows, and the government squabbling over when to trigger the now-famed Article 50, expectations for the year were gloomy. Our own estimates were for the economy to expand by only 1%. We were proved right about the economy slowing down from the giddy pace at which it ended 2016, but growth now looks on course for near 1.5% growth this year. So, much better than expected and decent enough for the Bank of England to reverse their emergency base rate cut that followed the EU referendum

UBS
By December 19, 2017 02:06

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