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- UK's CPI remains weak amid political chaos - TDS
UK's CPI remains weak amid political chaos - TDS
Analysts at TD Securities note that this morning's UK CPI report was a touch weaker than expected, with headline CPI at 1.7% YoY (Mkt 1.8%), although in line with the BoE's forecast from the August IR.
“Core CPI was in line with consensus though at 1.7% y/y.
- Brexit developments are, of course, the main driver of the day. While last night held reports that a draft deal could be presented this morning, talks reportedly broke down at around 10 am BST.
- Bloomberg reported that the negotiations collapsed amid DUP resistance to the deal, and that the EU now sees a Brexit deal as impossible unless the UK shifts its position further. While this doesn't mean that a deal before the end of the month is impossible, it does mean that having a deal before tomorrows' EU Leaders' Summit begins is now essentially off the table (barring a miraculous turnaround). This means that the Benn Act comes into play this weekend, with PM Johnson mandated to write a letter to the EU, requesting an Article 50 extension.”
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