Report by EEF Explains Market Crisis
According to the reports of a recent survey made by industry group EEF, due to output rising to a three-year high, manufacturers have finally got the chance to enjoy a "surge" in their activity; the recovery too has taken a hold.
To confirm this upswing, the latest PMI survey has been given the responsibility. On the other hand, it has reported by analyst Hometrack that since before the financial crisis that took place in the country last time, this is for the first time that Britain's property market is enjoying its best conditions. The prices of houses here are growing with fastest ever rate in last three years.
In addition to this, it has been also stated by accountants BDO, retailers here have experienced a 20pc rise in homewares sales in August.
When Governor, Mark Carney tries to convince markets that interest rates will stay low until at least mid-2016, with this further strong economic data, a lot of pressure has been put on him.
According to traders, the rates will surely rise in 2015 and the unemployment level will be dropped to the 7% threshold. And this is what is required by Mr. Carney for a rate move.
As written by Andrew Sentance, a former Monetary Policy Committee (MPC) member in The Daily Telegraph today: "As Harold Macmillan commented on the most important factors driving his decisions as Prime Minister: "Events, dear boy, events? If the recovery does gather momentum in the UK, events may force the hand of Mark Carney and the MPC, causing interest rates to rise sooner rather than later".
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