Economic update

In the Bank of England's latest inflation report, upgraded its forecast for UK GDP growth for 2018 to 1.8%, up from 1.6% in their November report. The central bank also upgraded its forecast for 2019 to 1.8%, from 1.7%.

The Bank of England's Monetary Policy Committee voted unanimously in favour keeping interest rates on hold at 0.5%.

Total industrial production in December 2017 fell by 1.3% on the month but was up by 0.5% in Q4 2017.

Manufacturing output in December 2017 rose by 0.3% on the month and was up by 1.3% in the quarter. Output from the construction sector rose by 1.6% in December.

The UK’s total trade deficit in goods and services widened by £1.2 billion between November and December 2017.




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