Even if there is a Brexit deal, a UK interest rate cut seems likely | Nils Pratley

The Bank rate is already low and Brexit overshadows everything, but look elsewhere too – the global economy is not in good health

Call it a full house of poor economic news. The services sector is contracting, according to the purchasing managers’ index, joining the manufacturing and construction industries in negative territory. In big picture terms, there are no bright spots.

The official data, which measures actual economic activity as opposed to managers’ view of prospects, may yet reveal growth in the July to September quarter. But you would have to be a supreme optimistic to believe the figure will be greater than 0.3% – and even that outcome would represent a feeble bounce from decline in the second quarter.

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