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Data released this week by the Office for National Statistics revealed that UK Consumer Price Inflation unexpectedly rose to 3.1% in November, ahead of the 3.0% expected. This was the highest reading since March 2012, and being more than one percentage point above the Bank of England’s (BoE) 2% inflation target, the Governor of the Bank, Mark Carney, is required to write a letter to Chancellor Philip Hammond to explain why it is so high. The letter will be published alongside the BoE's policy decision in February.
Early this morning it was announced that “sufficient progress” had been made in the Brexit negotiations for discussions to commence about our future trading relationship with the European Union.
Brexit has been firmly on the market’s radar since the June 2016 Referendum, and this week was no exception. However, there was one notable difference compared to the previous attention the matter has received: there actually appeared to be some progress to discuss, rather than the usual posturing and rhetoric we have become so accustomed to.
This week, Phillip Hammond unveiled his first UK Budget since the General Election in June.