Events that marked the week:
Nearly two-thirds of British businesses are "optimistic" about their future in the wake of the Brexit vote, a major survey has disclosed on Tuesday. A poll of 34,000 companies by the Institute of Directors found that 60 per cent of businesses are "optimistic" or "very optimistic" about the year ahead. The businesses, predominantly small or medium-sized, conceded there is "uncertainty" of the vote to leave the European Union. However, their positivity is in marked contrast to comments by the bosses of Britain's biggest companies, some of whom have criticised Brexit and even threatened to relocate out of the U.K.
From the UK, on Wednesday, BBA Mortgage Approvals data was released. Gross mortgage borrowing of £12.2bn in the month was 5% lower than in November 2015. Net mortgage borrowing is 2.4% higher than a year ago. Dr Rebecca Harding, BBA Chief Economist, said: “Consumer credit growth continues to be strong, despite falling back a little in November, reflecting strong retail sales in recent months.“
This week markets will be looking at:
Manufacturing PMI (Tuesday 10:30)
Construction PMI (Wednesday 10:30)
Net Lending to Individuals (Wednesday 10:30)
Services PMI (Thursday 10:30)
